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This report provides an analysis of the prevailing economic forces influencing Guam, the Western Pacific and the surrounding region. While industrial East Asia has largely recovered from the 1997-98 financial crisis, the prolonged Japanese economic stagnation and the September 2001 terrorist attacks on New York and Washington D.C., have had continued unfavorable effects on Guam and the rest of the area. Earlier this year, the SARS epidemic and the Iraq war adversely affected travel which is among the area's major income sources. With travel in the Asian markets returning to normal levels toward the end of this year and early next year, the area's economies, including Guam, should begin to improve over the next 18-24 months.
This 2003 edition of the Guam Economic Report was written and produced under a regional research and study partnership between Bank of Hawaii and the East-West Center.
This report provides an analysis of the prevailing economic forces influencing Guam, the Western Pacific and the surrounding region. While industrial East Asia has largely recovered from the 1997-98 financial crisis, the prolonged Japanese economic stagnation and the September 2001 terrorist attacks on New York and Washington D.C., have had continued unfavorable effects on Guam and the rest of the area. Earlier this year, the SARS epidemic and the Iraq war adversely affected travel which is among the area's major income sources. With travel in the Asian markets returning to normal levels toward the end of this year and early next year, the area's economies, including Guam, should begin to improve over the next 18-24 months.
This 2003 edition of the Guam Economic Report was written and produced under a regional research and study partnership between Bank of Hawaii and the East-West Center.
