is cook island a poor country 2020

One issue raised by the EU is that international companies are exempt from all taxes in the Cook Islands. The Judiciary is independent of the executive and the legislature. Background. Monetary union with New Zealand has provided monetary and external financial stability. Fan Chart, Evolution of Debt-to-GDP Ratio, 23. Subsequent reforms, including the sale of state assets, the strengthening of economic management, the encouragement of tourism, and a debt restructuring agreement, have rekindled investment and growth. [59] Taxes on trusts and trust employees account for some 8% of the Cook Islands economy, behind tourism but ahead of fishing. The census of 2021 put the total population at 15,040. 1946 - Legislative Council is established. In early 2020 the south Pacific country was forced to close its borders to keep Covid . [14], The islands as a whole are named after British Captain James Cook, who visited during the 1770s and named Manuae "Hervey Island" after Augustus Hervey, 3rd Earl of Bristol. [24] Henry led the nation until 1978, when he was accused of vote-rigging and resigned. Cambodia Economic Update, April 2016: Improving Macroeconomic and Financial Resilience. 38. The overall fiscal balance is expected to move into a deficit of 1 percent of GDP reflecting a large ramp-up of capital investment to 12.7 percent of GDP, of which about two-thirds will be financed through grants. The government should consider raising capacity in planning and execution of capital spending (particularly procurement) to better manage infrastructure plans going forward. Pukapukan is considered closely related to the Samoan language. The Cook Islanders are citizens of New Zealand, with rights to live and work in New Zealand and Australia. The 15 volcanic islands and coral atolls of the Cook Islands are scattered over 770,000 square miles of the South Pacific, between American Samoa to the west and French Polynesia to the east. [8] Cook Islanders of non-indigenous descent include other Pacific Island peoples, Papa'a (Europeans), and those of Asian descent. They have a past of political instability, slow economic growth and sanctions from the international community since their independence. The main non-Protestant group are Catholics with 17% of the population. Rarotonga is known for its fisherman's gods and staff-gods, Atiu for its wooden seats, Mitiaro, Mauke and Atiu for mace and slab gods and Mangaia for its ceremonial adzes. Read about our approach to external linking. In 2000, a total of 944,000 divorces and annulments occurred. adjusted for inflation and exchange . The indigenous Polynesian people of the Cook islands are known as Cook Islands Mori. It covers all people working in the Cook Islands or employed outside the Cook Islands by an employer resident in the Cook Islands, unless the employer qualifies for a specific exemption. Cook Islands ranks number 223th in the world by population in the list of 235 countries/territories. Cook Islands [Country overview]. Other Protestant denominations include Seventh-day Adventists, Assemblies of God and the Apostolic Church (the latter two being Pentecostal denominations ). 1/ Public sector is defined as general government and includes public guarantees, defined as SOE Debt. The first Monday in August is celebrated each year as Constitution Day. Please help update this to reflect recent events or newly available information. Some of this increase reflects the carry-over of capital projects not completed in FY18, but the priorities remain in infrastructure projects to improve transportation, alleviate water and drainage bottlenecks to facilitate sustainable growth in tourism, and disaster resilience for the outer islands. On the expenditure side, the Cook Islands has had a PEFA assessment in 2015 and developed a road map for PFM reforms, also with the help of technical assistance from PFTAC. [27][28] On 8 and 9 October 1900, seven instruments of cession of Rarotonga and other islands were signed by their chiefs and people. financial institutions that would harm public interest and cause financial instability if failing, should be required to prepare recovery plans to overcome financial distress. Under a historical scenario, with growth, inflation and the primary balance are at their ten year historical averages, gross debt would rise a little above the baseline, to 17 percent of GDP in 2023. The supervisory authorities are aware of these risks and are monitoring them closely. That change was off the back of phenomenal growth in tourism, an industry which has . There is also a larger population of Cook Islanders in New Zealand and Australia: in the 2018 New Zealand census, 80,532 people said they were Cook Islanders, or of Cook Islands descent. The Cook Islanders were trained at Narrow Neck Camp in Devonport, and the first recruits departed on 13 October 1915 on the SS Te Anau. Cook Islands Country Summary Introduction Background Polynesians from Tahiti and Samoa first settled the islands around A.D. 900. On the domestic side, capacity constraints could become more binding, which would lead to higher inflation and a sharper slowing in the growth of tourism activity. Atiu, in particular, has a strong tradition of crafts both in carving and local fibre arts such as tapa. This has been achieved through a combination of higher tax and non-tax revenue (due to improvements in administration), and control of the growth of current expenditure (particularly compensation of employees). It provides a full range of corporate, trust, and financial planning services including corporate entity formation. Language links are at the top of the page across from the title. [72], Rugby league is the most popular sport in the Cook Islands. [67], A major art form in the Cook Islands is tivaevae. to the outer islands) and with the rest of the world. Pacific countries with dispersed island populations and remote locations also received poor services [63, 70, 72]. [48] In late August 2012, United States Secretary of State Hillary Clinton visited the islands. Armenia Economic Report, October 2013: Stronger Structural Reforms Needed to Offset Macroeconomic Risks. The remaining 2 percent of debt is commercial borrowing. The land tenure system presents challenges to collateralized lending in the Cook Islands, as well as to large scale land developments. km in the South Pacific Ocean. Alternative scenarios suggest that there are some vulnerabilities in the debt structure and, should downside risks materialize, the debt ratio could rise rapidly to unsustainable levels. 9/Assumes that key variables (real GDP growth, real interest rate, and other identified debt-creating flows) remain at the level of the last projection year. The framework for regulating foreign direct investment in the Cook Islands seems to be restrictive, in that it picks and chooses preferred industries, allows significant discretion in approving projects, and in the case of approval often allows only very narrow sets of activities to be licensed. In addition, some corporates and individuals with improved credit ratings and prospects have access to credit from mainland New Zealand banks bypassing the local credit market. Manufacturing activities are limited to fruit processing, clothing, and handicrafts. Cook Islands, 2017. . (Accessed on 28 June 2023) Disclaimer. Most of them have left in search of a brighter economic future. A fan chart based on historical averages, variances and covariances of the relevant variables presents a band of possible outcomes under the baseline from a low of 11 percent to a high of 24 percent. The national statistics office has made recent improvements in a range of economic statistics, including a rebasing of GDP, initial balance of payments estimates and improved government financial statistics (GFS) accounting. country Cook Islands Land area (km2) 237 1 Capital Avarua Exclusive economic zone (km2) 1 830 000 1 Government and legal status . 39. Mangaia also produces food pounders carved from the heavy calcite found in its extensive limestone caves. Within the MTFS, the government has revised its Fiscal Responsibility Ratios (FRRs). Low credit growth may also be explained by a shrinking population, which has fallen from around 18.7 thousand in 2014/15 to 17 thousand in 2017/18. If you're sitting at your desk having Robinson Crusoe daydreams, the Cook Islands might be a great vacation place for you. 10. 1821 - English and Tahitian missionaries arrive, become the first non-native settlers. Black pearls are the chief export. However, while this was a significant achievement, it also led to reduced access to external . Aliens and citizens Citizenship Te Ara Encyclopedia of New Zealand, "Cook Islands Marae Moana legislation passed", "Cook Islands: Backlash over name change leads to compromise traditional name", "Renewed calls for the Cook Islands to take on indigenous name", "Cook Islands climate: average weather, temperature, precipitation, best time", "An Ecoregion-Based Approach to Protecting Half the Terrestrial Realm", "Cook Islands Ministry of Finance and Economic Management, 2016 Census", "Cook Islands System of Government Information", "Treaty Between the United States of America and the Cook Islands on Friendship and Delimitation of the Maritime Boundary Between the United States of America and the Cook Islands (and Exchange of Notes)", "Agreement on Maritime Delimitation Between the Government of the Cook Islands and the Government of the French Republic", "Chapter XXVI: Disarmament No. The government is addressing these, including with new legislation, regulations and an active program of public investments. Citation: IMF Staff Country Reports 2020, 269; 10.5089/9781513555775.002.A001. Unlike the net debt target and the fiscal balance rule, this rule is not cast in percent of GDP, which is appropriate since annual GDP can be very volatile. Gross debt less assets in the Loan Repayment Fund and Stabilization Fund. [33], When the British Nationality and New Zealand Citizenship Act 1948 came into effect on 1 January 1949, Cook Islanders who were British subjects automatically gained New Zealand citizenship. Black pearls are the Cook Islands' leading export. Like many other South Pacific island nations, the Cook Islands' economic development is hindered by the isolation of the country from foreign markets, the limited size of domestic markets, lack of natural resources, periodic devastation from natural disasters, and inadequate infrastructure. Low-lying small islands and coral atolls such as many of the Cook Islands, Kiribati, Nauru, the Republic of the Marshall Islands, Tonga and Tuvalu, rarely have surface water sources and heavily depend on rainwater and groundwater. You can help Wikipedia by expanding it. Technical Assistance Report-Macroeconomic, Financial, and Structural Policies, Copy this link, or click below to email it to a friend. Read about our approach to external linking. [1], Religion in the Cook Islands (CIA World Factbook), The Cook Islands are majority-Protestant, with almost half the population being members of the Reformed Cook Islands Christian Church. There are also long-standing structural issues that restrict the growth of credit in the Cook Islands. On the lowest level, there are village committees. This deterioration relative to FY19 reflects mainly an increase in compensation of employees, part of the governments policy to adjust government salaries to reflect an increase in the cost of living in Rarotonga, and the need to provide incentives for highly skilled Cook Islanders to return to the islands. But some observers have suggested that imports may be significantly underestimated, which could imply a rising current account deficit. After a period of slow or negative growth, real GDP has expanded rapidly in recent years. 8; page 10, "Census 2016 - Cook Islands - Ministry of Finance and Economic Management", "UNCTADstat - General Profile: Cook Islands", "2018 Census ethnic group summaries Cook Islands Maori", "Cook Islands to choose new indigenous name and remove any association with British explorer", "Cook Islands government backs name change body", "Development of coral reefs and human settlement: Archaeological research in the Northern Cook Islands and Rarotonga", "East Polynesian Relationships: Settlement Pattern and Time Involved as Indicated by Vocabulary Agreements", 3. The overall public sector gross debt on 30th June 2020 was equivalent to NZ$110.8 million, of which 49 percent was direct crown debt (owed by the central government) and 51 percent were loans held on behalf of state-owned enterprises (SOEs). The FSC considers BCI to be systemically important. 31. Part of the reason is scale, but the higher spreads are also influenced by the land tenure arrangements which make it difficult to use land as collateral.16 Cost of recovery is relatively higher as reflected in the high level of NPLs. In the context of graduation from ODA, better planning will be required to address areas where assistance declines. Nevertheless, there are key challenges which require the dedication of additional resources, including trade, inflation, labor market and employment statistics. At the same time, a stable government, relatively high capacity in public administration, a close association and special relationship with New Zealand, and natural resources for tourism and fishing are assets and present opportunities. The Cook Islands are a representative democracy with a parliamentary system in an associated state relationship with New Zealand. With land and skilled labor in fixed supply, further growth in tourism would then be more difficult to achieve unless the productivity of services and land use increases. The Cook Islands have been an active member of the Pacific Community since 1980. Radio Australia broadcasts on FM on Rarotonga. CountryReports 1997 - 2023 - All Rights Reserved. In September 2022, US President Joe Biden recognized the Cook Islands and Niue as "sovereign states" in line with a new Pacific plan that will pump $1.4bn into the region. [10] Most Cook Islanders are citizens of New Zealand, but they also have the status of Cook Islands nationals, which is not given to other New Zealand citizens. No decision has yet been taken. The ship arrived in Egypt just as the New Zealand units were about to be transferred to the Western Front. Under the current baseline scenario, which aims to bring the overall surplus to 1 percent of GDP in FY23, cash reserves in the current and stabilization accounts would rise from 17 percent of GDP in 2017 to 19 percent of GDP in 2023. As a result, the ratio of gross public debt to GDP has fallen by six percentage points to 19 percent of GDP at end FY19. The Cook Islands' main population centres are on the island of Rarotonga (10,898 in 2021), where there is an international airport. The mission welcomes the development of a new Immigration Bill which is an opportunity to begin to set parameters to manage these inflows of new workers. An additional domestic bank, Capital Security Bank (CSB), is an onshore commercial bank that specializes in providing trust and wealth management services to international clients. Although pupu are found on other islands the collection and use of them in decorative work has become a speciality of Mangaia. 1985 - Agreement on creating a South Pacific nuclear-free zone - the Rarotonga Treaty - is opened for signing on the main island. The Cook Islands consists of 15 small islands, with a population of 17,459 (December 1, 2016, [see also: Population country ranks ] Today, carving is no longer the major art form with the same spiritual and cultural emphasis given to it by the Maori in New Zealand. 19. [66], The outer islands produce traditional weaving of mats, basketware and hats. Its economy centres on tourism; the territory's natural assets include fine beaches and volcanic mountains. [58] Tourism provides the economic base that makes up approximately 67.5% of GDP. Its supervisory framework includes all the key elements of a risk-based supervision model: Regulation: Legislation, prudential standards (statements in the Cook Islands), licensing framework; Risk identification and assessment: Complete off-site and on-site supervision framework; Risk rating: A risk rating model to derive an overall risk rating from assessment of inherent risk, risk management and controls, and capital support; Supervisory action planning: A tool to record and prioritize key supervisory actions in response to identified key risks. The risks include the concentration risk that comes with operating in a small markets, including the large concentration of credit in the tourism related industries, which is as high as 60 percent (hotels/motels and personal services). The objective in establishing the FSDA was to encourage, promote, and develop the Cook Islands financial services industry to achieve sustained growth, which is economically beneficial, socially responsible and reputable. Therefore the Cook Islands has to think about what other kinds of products or services it can provide to make its way in the world. The availability of skilled personnel to do planning an preparation work, and project management, could be alleviated by bringing in private sector companies to do some of the work, or through private public partnerships. The Cook Islands' main population centres are on the island of Rarotonga (10,898 in 2021),[4] where there is an international airport. The FSC has a close working relationship with Reserve Bank of New Zealand (RBNZ), and has memorandums of understanding with the RBNZ, the Australian Prudential Regulation Authority (APRA) and the Bank of Papua New Guinea (BPNG). Excluding grants, the net operating balance (revenue minus current expense) moved from a deficit of 5 percent of GDP in FY15 to a surplus of 4 percent of GDP in FY19. The MTFS also contemplates the accumulation of assets for precautionary purposes. One reason is private sector deleveraging as businesses have used the favorable economic conditions to pay off loans early or refinance.15 Banks have also not expanded lending rapidly as they are still dealing with a legacy of high non-performing loans and low profitability from the global financial crisis. James COOK who spotted one of the islands in 1773. Your current browser may not support copying via this button. English and Cook Islands Mori are official languages of the Cook Islands; per the Te Reo Maori Act. Clarity of land ownership and the rights to land use has been an issue, particularly for banks seeking to lend with land as security. Land use. Most of the debt is medium- and long-term, with the average maturity a little over 12 years, and the average effective interest rate is around 3 percent. As the cost of lodging to increases, reducing competitiveness somewhat, this will bring arrivals closer to sustainable levels. [63] The Cook Islands News has been published since 1945, although it was owned by the government until 1989. The office said "from July through to . The Cook Islands became aligned to the United Kingdom in 1890, largely because of the fear of British residents that France might occupy the islands as it already had Tahiti. The link was not copied. The main radio and TV stations are operated by the privately-owned Pitt Media Group, which also publishes weekly newspapers. The 2010 Census counted 1.2 million Pacific Islanders all throughout the United States with half that number identifying as Native Hawaiian, alone and in combination. [59][60] According to The New York Times, the Cooks have "laws devised to protect foreigners' assets from legal claims in their home countries", which were apparently crafted specifically to thwart the long arm of American justice; creditors must travel to the Cook Islands and argue their cases under Cooks law, often at prohibitive expense.

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