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World Bank makes recommendations for Marshall Islands

The Marshall Islands should focus on the health and education of its people, improving the quality of government spending, and maximizing the benefits of key sectors like fisheries to develop its economy, according to a World Bank economic analysis. 

 

“Marshall Islands’ National Strategic Plan provides a clear pathway for the country’s development over the coming decade,” said Degi Young, World Bank resident representative for the North Pacific, in a news release about the report. 

The Marshall Islands’ Country Economic Memorandum and Public Expenditure Review has examined the challenges, opportunities and risks to sustainable growth and outlines reforms that can help deliver sustainable long-term economic development.

Recommendations include:

  • Strengthening labor opportunities by improving the quality of education and skills, linking training to labor market needs and providing additional support to Marshallese people entering the workforce.
  • Maximizing benefits from fisheries, reforming existing financial incentives in the domestic fisheries sector and securing duty-free access to the European Union market.
  • Enhancing climate and disaster resilience through stronger adaptation and disaster risk management planning.
  • Stabilizing government finances with measures including growth-friendly tax reform, improving revenue administration and strengthening the budget process.
  • Improving service delivery by improving the recruitment, selection, development and management of the public sector workforce.

“Marshallese face significant economic challenges: the impacts of climate change, distance to international markets, and now; the COVID-19 pandemic,” Young said.

© RMI Ministry of Health and Human services

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