Budget Paper 1 reviews the economic development and medium term economic forecast for the Tongan economy. During financial year 2009/10, the Tongan economy experienced the full extent of the Global Economic Crisis (GEC), which started around September 2008. The Ministry of Finance and National Planning projected a positive growth of 0.4% for 2008/09 but the actual result was a contraction of 0.4%. Remittances declined further than expected which reduced incomes and hindered growth.
Category
Budget Statement
