Econmap Technical Note - February 26, 2021
Econmap Technical Note - February 26, 2021 (PDF) (Report). Washington, DC: Pacific and Virgin Islands Training Initiatives (PITI-VITI). February 2021. p. 32.
- Has attachment: File:KCRQTHIX.pdf
Abstract: In the early months of 2020, the onset of the COVID-19 global pandemic ravaged the global economy with unprecedented reductions in GDP and rapidly rising unemployment. To reduce the spread of the virus, global travel restrictions were implemented which led to a collapse of international travel and tourism. In response to the pandemic Palau effectively closed its borders at the beginning of April and established a 14-day quarantine period for limited approved arrivals. Those arrivals included limited charter flights arranged to repatriate stranded Palauan residents living abroad, medical referrals and essential workers. Visitor arrivals to Palau effectively ended in April 2020. As a result of these policies
Palau has remained COVID-free with no recorded cases either in quarantine or in the community. The restrictive travel policies and the priority placed on health, at a time of highly limited demand for international travel, has served Palau well. As of the start of 2021, Palau is rolling out a nationwide immunization program. With a small population, Palau should be able to complete the program in a short period of time, subject to vaccine supply. Notwithstanding the threat of emerging virus mutations against which existing vaccines may provide reduced protection, the nation will be able to reopen its borders and commence economic recovery without a severe threat to the population and the national health system. This projected recovery will also be affected by the demand for travel from Palau’s traditional markets. This review and update on earlier Graduate School USA (GSUSA) economic impact assessments1 starts with a review of the impact of the COVID-19 global pandemic on the economy of Palau in FY20. The second section analyzes the various mitigation programs initiated by Palau with support from the Asian Development Bank and the and United States, together with their impact on household incomes with a gender analysis. In the third section a projection is made for the economy in FY21, when the full impact of the pandemic is realized from the outset, and over the medium- term as economic recovery begins, following the implementation of the COVID-19 vaccination program...
