Recent Economic and Fiscal Developments Sample Clauses

Recent Economic and Fiscal Developments. The collapse of the tourism industry. The number of visitors rose rapidly in the FY10-FY15 period from 81,000 to 169,000, with the growth largely reflective of expansion of the low-end Chinese market. From FY15 through FY19 visitor numbers dropped to 90,000 as both the Chinese market and Palau’s more traditional markets contracted. FY20 was set to be a better year with 120,000 visitors anticipated, but with the advent of the COVID-19 global pandemic that number dropped to 41,674 in FY20 and in FY21 recorded a level of 3,412 for the fiscal year. Palau’s economy is projected to decline by a total of 22 percent in FY23 compared with pre- pandemic levels of FY19. Due to the impact of COVID-19, GDP contracted by 7.0 percent in FY20 and a further 14.3 percent in FY21, despite the positive support of the government and donor supported mitigation programs: the CROSS and US CARES Acts, respectively. Although the pandemic bottomed out in FY21, the economy continued to contract in FY22 by 1.8 percent and a further 0.2 percent in FY23 as construction activity slowed and recovery remained elusive. The private sector experienced most of the impact of the pandemic and is projected to have fallen by 34 percent. While the public sector has been largely unaffected—thanks to donor financing to maintain basic services—the brunt of the COVID-19 pandemic impact fell upon the private sector. Overall, a massive loss in output of 34 percent hit the private sector through FY23. GNI per capita is projected to have declined from $16,030 in FY19 to $14,244 in FY22 reflecting the impact of the COVID-19 pandemic. Gross national income fell significantly during the COVID period and resulted in the World Bank downgrading Palau from a high-income country to the upper- middle income group. This was a favorable outcome in the sense that it enabled Palau access to donor assistance on more favorable terms. However, the result is only likely to prevail in the short to medium-term. Once the economic recovery is consolidated, Palau is likely to be reassigned to its former high-income-grouping. Early projections of job losses turned out to be less dire than the original estimates. Initial projections of the impact of the pandemic on employment suggested that a total job loss of up to 3,100 could be anticipated or 27 percent of the labor force. However, final employment data for FY22 indicates that 1,688 jobs were lost or 15 percent of the FY19 level. This outcome, better than anticipated, reflects...
Sample 1
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Related to Recent Economic and Fiscal Developments

  • Economic Development 1. The Parties aim to promote balanced economic growth, poverty reduction and the reduction of social-economic disparities.

  • Learning and Development (i) Managers and supervisors are responsible for promoting and supporting learning activities for employees in their area of responsibility.

  • Trade Secrets, Commercial and Financial Information It is expressly understood that Mississippi law requires that the provisions of this contract which contain the commodities purchased or the personal or professional services provided, the price to be paid, and the term of the contract shall not be deemed to be a trade secret or confidential commercial or financial information and shall be available for examination, copying, or reproduction.

  • Human and Financial Resources to Implement Safeguards Requirements 6. The Borrower shall make available necessary budgetary and human resources to fully implement the EMP and the RP.

  • Training and Development 14.1 The parties are committed to, and acknowledge the mutual benefit to the employer and employee of planned human resource development and the provision and participation in relevant development opportunities (including accredited training).

  • Research and Development (i) Advice and assistance in relation to research and development of Party B;

  • Information Technology Accessibility Standards Any information technology related products or services purchased, used or maintained through this Grant must be compatible with the principles and goals contained in the Electronic and Information Technology Accessibility Standards adopted by the Architectural and Transportation Barriers Compliance Board under Section 508 of the federal Rehabilitation Act of 1973 (29 U.S.C. §794d), as amended. The federal Electronic and Information Technology Accessibility Standards can be found at: xxxx://xxx.xxxxxx-xxxxx.xxx/508.htm.

  • INFORMATION TECHNOLOGY The following applies to all contracts for information technology commodities and contractual services. “Information technology” is defined in section 287.012(15), F.S., to have the same meaning as provided in section 282.0041, F.S.

  • Information Technology Enterprise Architecture Requirements If this Contract involves information technology-related products or services, the Contractor agrees that all such products or services are compatible with any of the technology standards found at xxxxx://xxx.xx.xxx/iot/2394.htm that are applicable, including the assistive technology standard. The State may terminate this Contract for default if the terms of this paragraph are breached.

  • Compliance with Executive Orders Concerning Ethics The Contractor warrants that he and his firm have complied in all respects with the Governor’s Executive Orders concerning ethics matters, including, but not limited to, Executive Order dated January 13, 2003 (establishing Code of Ethics for Executive Branch Officers and Employees, including provisions governing former officers and employees); Executive Order dated October 1, 2003 (governing vendors to state agencies and disclosure and registration of lobbyists); and O.C.G.A. Sections 21-5-70(5), 21-5-71 and 21-5-73, all as amended effective January 9, 2006 (requiring registration and disclosure filings by state agency vendor lobbyists). In this regard, the Contractor certifies that any lobbyist employed or retained by the Contractor or his firm has both registered and made the required disclosures required by the Executive Orders, as amended.

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