Although Tonga’s economy continues to be weak, there are some positive indicators, according to a market update on July 1, by the Deputy Governor of Tonga’s National Reserve Bank, Jessie Cocker, who met with senior regional officers of ANZ Bank on June 28.

Despite Tonga’s poor economic performance, there was still optimism about the progress made.

Jessie expected that the improving American economy could revive the remittances and visitor arrivals, which fell steeply last year.

“More recently, on the back of the better growth and unemployment outcomes in some of the key source countries, remittances have been increasing.

“We expect tourism to grow further over the short term, on the back of improving growth and unemployment outcomes overseas, particularly in New Zealand and the US,” she said.

Other positive reviews were revivals in visitor arrivals to Tonga as well as improving agriculture exports.

“The primary sector, a cornerstone of the Tongan economy, had a string of poor years immediately following the height of the crisis, but has since recorded some stronger growth – the reverse of the profile for the construction sector. Partly, this reflects more favorable weather conditions for growers last years. Recent quarantine agreements with Australia and New Zealand may help to support the market further.”

An industry that has not been faring well, however, was the Marine industry.

“The number of locally-based vessels have reportedly fallen by four to 17,” she said.

A commitment to Tonga was reiterated by the ANZ Bank representatives, who included Tonga’s ANZ CEO, Owen Thompson and the regional CEO for ANZ Bank, Vishnu Mohan, and the head of Global Markets Pacific, Mr Arjan Roukema.

“Tonga is not a booming economy… There basically has been no investment in Tonga apart from construction projects via Chinese aid,” said Mr Thompson.

“ANZ  has been in the Pacific for over a hundred years. Tonga is very important to us, it is not just a by-line country for our business and it is a part of our primary objective”.

While in Tonga, Mr Roukema and Mr Mohan were to visit government partners, the National Reserve Bank of Tonga and ANZ business customers.