is cook island a poor country 2020

The southern island group became known as the "Hervey Islands" after this. A discussion on medium-term growth prospects is conditioned on efforts to diversify the economy through structural reforms and establish the basis for higher income (see the discussion below). He was stripped of his knighthood in 1979. PDF Cook Islands Four Year Plan - Ministry of Foreign Affairs and Trade [27][32] The boundary change became effective on 11 June 1901, and the Cook Islands have had a formal relationship with New Zealand since that time. The overall fiscal balance is expected to move into a deficit of 1 percent of GDP reflecting a large ramp-up of capital investment to 12.7 percent of GDP, of which about two-thirds will be financed through grants. The Cook Islands is a country in "Free Association" with New Zealand, having full control to create its own laws, but New Zealand maintains responsibility for its defense and foreign affairs. Comparison country: Don't see your country here? financial institutions that would harm public interest and cause financial instability if failing, should be required to prepare recovery plans to overcome financial distress. A review of the revenue regime is expected with the help of PFTAC in the second half of 2019, with a focus on improving economic and administrative efficiency.10 The aim of the review will be the eventual development of a Cook Islands Revenue Strategy. The highly concentrated nature of economic activity in the Cook Islands presents a risk, and any efforts at diversification will improve the robustness and sustainability of growth. If capacity constraints emerge earlier, public investment growth may also be constrained, which could reduce growth in accommodation capacity of the economy. The Cook Islands' deputy prime minister says losing its developed country status needs to happen quickly. Source: Cook Islands Ministry of Finance & Economic Management, III. At the same time, a stable government, relatively high capacity in public administration, a close association and special relationship with New Zealand, and natural resources for tourism and fishing are assets and present opportunities. and recently received crown appropriations only in fiscal years 2014 and 2015. Rapid growth has laid bare the deficits in infrastructure that the Cook Islands confronts, including in telecommunications, water, sanitation, transportation, and energy. The Cook Islands consists of 15 small islands, with a population of 17,459 (December 1, 2016, Census 2016) within an Exclusive Economic Zone (EEZ) of 1,800,000 square kilometers of ocean. Under-execution of the capital budget and high operating costs are a recurring theme. Under the current baseline scenario, which aims to bring the overall surplus to 1 percent of GDP in FY23, cash reserves in the current and stabilization accounts would rise from 17 percent of GDP in 2017 to 19 percent of GDP in 2023. The MTFS, presents a four year outlook for the budget which should help with more realistic budgeting and execution. The aggregate loan-to-deposit ratio has fallen from 100 percent in 2014 to 50 percent in 2018 as credit growth has fallen and deposits continue to expand. The MTFS is anchored on a net debt target, and operational rules to achieve the target: Net debt target: net public debt should not exceed a soft cap of 30 percent of GDP and cannot exceed a hard cap of 35 percent of GDP.1. [43], Tapuaetai (One Foot Island) on the southern part of Aitutaki. Newspapers in the Cook Islands are usually published in English with some articles in Cook Islands Mori. As a result, the number of Cook Islanders with access to a bank account is very high. A former British protectorate which became self-governing in 1965. 2000. The 20 Poorest Countries in the World By Garrett Parker Posted on August 8, 2016 Updated on August 3, 2020 Poverty levels in these countries has been rising over the years. 35. 1965 - Islands become a self-governing territory in free association with New Zealand. By 2021, it had fallen to 2.5 per 1,000 population, with just 689,308 . Please help update this to reflect recent events or newly available information. While the Cook Islands could not count on government guarantees from New Zealand, the close political and economic ties help to distinguish the Cook Islands from peers. km in the South Pacific Ocean. Head of state: King Charles III, represented by a King's representative. An additional domestic bank, Capital Security Bank (CSB), is an onshore commercial bank that specializes in providing trust and wealth management services to international clients. The Cook Islands National Superannuation Fund (CINSF) is a compulsory superannuation scheme. Gross debt less assets in the Loan Repayment Fund and Stabilization Fund. There are also long-standing structural issues that restrict the growth of credit in the Cook Islands. 13. The Cook Islands' main population centres are on the island of Rarotonga (10,898 in 2021), where there is an international airport. Among the more important constraints identified by the mission to this process are: Infrastructure needs. [27][28] On 8 and 9 October 1900, seven instruments of cession of Rarotonga and other islands were signed by their chiefs and people. Cook Islands ranks number 223th in the world by population in the list of 235 countries/territories. In terms of currency composition, part of the ADB lending is in SDRs (20 percent of total debt). Cook Islands Economy 2020, CIA World Factbook Small scale, remoteness, the dispersion of the population in outer islands, and a shortage of skilled and unskilled labor constrain economic growth and diversification. Atiu, in particular, has a strong tradition of crafts both in carving and local fibre arts such as tapa. Its supervisory framework includes all the key elements of a risk-based supervision model: Regulation: Legislation, prudential standards (statements in the Cook Islands), licensing framework; Risk identification and assessment: Complete off-site and on-site supervision framework; Risk rating: A risk rating model to derive an overall risk rating from assessment of inherent risk, risk management and controls, and capital support; Supervisory action planning: A tool to record and prioritize key supervisory actions in response to identified key risks. See for example the IMF and World Bank debt sustainability framework for low income countries (https://www.imf.org/en/Publications/Policy-Papers/Issues/2018/02/14/pp122617guidance-note-on-lic-dsf). The decision to use funds in the stabilization account for debt repayment will be made with reference to a Debt Management Strategy to be developed in 2019. Like many other South Pacific island nations, the Cook Islands' economic development is hindered by the isolation of the country from foreign markets, the limited size of domestic markets, lack of natural resources, periodic devastation from natural disasters, and inadequate infrastructure. Artists include painter (and photographer) Mahiriki Tangaroa, sculptors Eruera (Ted) Nia (originally a film maker) and master carver Mike Tavioni, painter (and Polynesian tattoo enthusiast) Upoko'ina Ian George, Aitutakian-born painter Tim Manavaroa Buchanan, Loretta Reynolds, Judith Kunzl, Joan Rolls Gragg, Kay George (who is also known for her fabric designs), Apii Rongo, Varu Samuel, and multi-media, installation and community-project artist Ani O'Neill, all of whom currently live on the main island of Rarotonga. 9 Treaty on the Prohibition of Nuclear Weapons", "State Sponsored Homophobia 2016: A world survey of sexual orientation laws: criminalisation, protection and recognition", International Lesbian, Gay, Bisexual, Trans and Intersex Association, "Cook Islands parliament decriminalises homosexuality", "Rarotonga Local Government (Repeal) Bill To Be Tabled, Cook Islands Government", Minister asked to answer queries over abolition of Vaka Councils, "Demographic Yearbook, Population by age, sex and urban/rural residence: latest available year, 20052014", "United Nations Statistics Division Demographic and Social Statistics", "Cook Islands, a Paradise of Untouchable Assets", "Review of Offshore Jurisdictions: Cook Islands", "Research Guides: Pacific Islands Newspapers: Cook Islands", "Late Cooks PM a Free Press Leader: PFF - Solomon Times Online", "Lords of the Dance: Culture of the Cook Islands", "BCA Gallery, Beachcomber Art, Rarotonga Art, Cook Islands Art, Pacifc Art, South Pacific Art", "Ian George Tautai Guiding Pacific Artstautai Guiding Pacific Arts", "Cook Islands Museum and Library Society | Official Website of the Cook Islands Library & Museum Society", "Cook Islands Biodiversity: Rattus rattus Ship Rat", "Cook Islands Biodiversity: Rattus exulans Pacific Rat", "Cook Islands Biodiversity: The Status of Cook Islands Birds 1996", "BirdLife International: Rimatara Lorikeet (Vini kuhlii) at", "Centropyge boylei, Peppermint angelfish", African, Caribbean and Pacific Group of States, Western and Central Pacific Fisheries Commission (WCPFC), tapa ["masi" (Fiji), "ngatu" (Tonga), "siapo" (Smoa), " uha" (Rotuma)], Asian American and Pacific Islander Policy Research Consortium, Australian Institute of Aboriginal and Torres Strait Islander Studies, https://en.wikipedia.org/w/index.php?title=Cook_Islands&oldid=1159571004, English-speaking countries and territories, States and territories established in 1965, Articles containing Cook Islands Mori-language text, Articles containing Penrhyn-language text, Short description is different from Wikidata, Articles containing explicitly cited English-language text, Articles containing potentially dated statements from 2018, All articles containing potentially dated statements, Wikipedia articles in need of updating from June 2020, All Wikipedia articles in need of updating, Articles with unsourced statements from March 2023, Official website different in Wikidata and Wikipedia, Articles with MusicBrainz area identifiers, Creative Commons Attribution-ShareAlike License 4.0, Seven districts lie in more than one region, These combine the regional and the territorial authority levels in one, The national flower of the Cook Islands is the, The Cook Islands have a large non-native population of, The Islands' surrounding waters are the home of the, This page was last edited on 11 June 2023, at 05:29. However, while this was a significant achievement, it also led to reduced access to external . The Cook Islands has an offshore international financial services industry that was established in the 1980s. Although most deposit and lending rates are comparable to New Zealand banks, housing mortgage rates are about 300 to 400 basis points higher. The first Monday in August is celebrated each year as Constitution Day. It differs from the country area, that includes area under inland water bodies, but excludes offshore territorial waters. By sector, some growth in credit has taken place in finance and business, and in personal services industries, but credit growth has been stagnant or falling in wholesale and retail trade, hotels and motels, and transportation, all sectors one would expect to be associated with the thriving tourist industry. In addition, some corporates and individuals with improved credit ratings and prospects have access to credit from mainland New Zealand banks bypassing the local credit market. Hypertension Cook Islands 2020 country profile The two international banks could count on head offices to provide liquidity in case of natural disasters, but it might be advisable for BCI to have higher reserves on hand for this kind of event. Cook islands - World Health Organization (WHO) 4. This article ranks the poorest Caribbean countries by gross domestic product (at purchasing power parity) per capita, i.e., the purchasing power parity (PPP) value of all final goods and services produced within a country in a given year, divided by the average (or mid-year) population for the same year. 34. Background. If you're sitting at your desk having Robinson Crusoe daydreams, the Cook Islands might be a great vacation place for you. Mangaia also produces food pounders carved from the heavy calcite found in its extensive limestone caves. The 2nd and 3rd Cook Island Contingents were part of the Sinai-Palestine campaign, first in a logistical role for the Australian and New Zealand Mounted Rifles at their Moascar base and later in ammunition supply for the Royal Artillery. 6. Mangaia is the source of many fine adzes carved in a distinctive, idiosyncratic style with the so-called double-k design. Improving communications with the undersea cable will be an important advance in allowing access to information resources and flows, which will facilitate private sector activity, including mobile banking and trade flows. The Hervey Islands later came to be applied to the entire southern group. They have a past of political instability, slow economic growth and sanctions from the international community since their independence. The most recent audits that have been completed are for the 2014 fiscal year. Ukraine offensive to be long and bloody - US general, Dutch driver Van t Hoff, 18, dies in crash at Spa, China's new law tightens Xi's powers against the West, Macron accuses rioters of exploiting shot teen. This has been achieved through a combination of higher tax and non-tax revenue (due to improvements in administration), and control of the growth of current expenditure (particularly compensation of employees). 17. The Budget also introduces the Medium-Term Fiscal Strategy (MTFS), which lays out a framework for prudent fiscal management going forward. Avrarua, on the island of Rarotonga, is the national capital. Fiscal policy is projected to go from a primary deficit of 1 percent of GDP in 2020 to a surplus of 1.4 percent in 2023. 14. With the help of the ADB and creditor governments, the external debt was restructured and conditions were put in place to safeguard debt sustainability, including fiscal responsibility ratios. Cook Islands 2023: Best Places to Visit - Tripadvisor Percentage of all births registered. One important implication of this development is its effect on the financial position of the Financial Supervisory Commission (FSC). PDF Cook Islands - theprif.org The following demographic statistics are from the CIA World Factbook, unless otherwise indicated.[5]. 2020. The MOUs should be expanded to include contingency planning and crisis management. country comparison to the world (CIA rank, may be based on non-current data): 106. The Cook Islands experienced a debt crisis in the 1990s. Cook Islands Population (2023) - Worldometer Most of them have left in search of a brighter economic future. The Cook Islands are also uniquely exposed to shocks from the New Zealand economy, through which most of these global shocks would have effect. 39. Today, carving is no longer the major art form with the same spiritual and cultural emphasis given to it by the Maori in New Zealand. Enhancing communication and transportation links within the Cook Islands (i.e. At the same time, ensuring medium- to long-term growth prospects requires further investment in infrastructure and human capital, and other structural reforms to improve efficiency and productivity growth. The Polynesian equivalent of Panama hats, they are highly valued and are keenly sought by Polynesian visitors from Tahiti. note: the Cook Islands' Ministry of Finance & Economic Management estimated the resident population to have been 11,700 in September 2016. country comparison to the world (CIA rank, may be based on non-current data): 224. China has also contributed foreign aid, which has resulted in, among other projects, the Police Headquarters building. The government has put in place many of the policies needed for this balance, but additional steps would help in reducing longer-term vulnerabilities. The islands are geographically scattered, which raises the per capita cost of delivering essential services. The Cook Islands also has a well established international financial services industry, which was innovative in its own right for setting up trusts in the 1980s, but has since been overtaken by financial developments in the rest of the world. Citation: IMF Staff Country Reports 2020, 269; 10.5089/9781513555775.002.A001. Often, they are decorated with hatbands made of minuscule pupu shells that are painted and stitched on by hand. You can help Wikipedia by expanding it. Governments still seek advice on matters of culture, custom and land ownership from a council of hereditary leaders known as the House of Ariki. National Accounts - Cook Islands - Ministry of Finance and - MFEM [79], 2114S 15946W / 21.233S 159.767W / -21.233; -159.767. Better management of infrastructure investment and public spending. [see also: Population country ranks ] The authorities have worked with donors (including PFTAC) to develop income and balance of payments statistics, along with a rebased GDP (revised up by 10 percent). High quality economic statistics are essential to provide a sound foundation for policy analysis. Main source countries include New Zealand and Australia, but arrivals have diversified recently to Europe and North America. The MTFS should be complemented with a well-designed strategy for resilience to natural disasters. Financial soundness indicators (FSIs) point to a favorable overall risk profile for the banking sector (Table 2). The medium-term fiscal scenario under the MTFS ensures fiscal and debt sustainability and will allow fiscal policy to react to economic conditions. The Cook Islands have been an active member of the Pacific Community since 1980. The Cook Islands also have a high exposure to natural disaster risk due to its geographic location in the South Pacific cyclone belt and the remoteness and low-lying nature of many of its outer islands. The land tenure system presents challenges to collateralized lending in the Cook Islands, as well as to large scale land developments. As the Cook Islands has no autonomous monetary policy, managing near-term overheating risks will require active fiscal policy, and developing a fiscal framework that can address the risk of natural disasters and other economic shocks. [27], The Cook Islands responded to the call for service when World War I began, immediately sending five contingents, close to 500 men, to the war. However, the government needs to continue to focus on improvements in public administration capacity as a key measure in its transition to high income status.11 The 2019/20 Budget priority to raise government salaries to reflect increases in the cost of living and the need to attract returning highly skilled Cook Islanders from overseas is welcome in this regard. For individual islands named "Cook Island", see, UN recognition of independence in foreign relations, List of resources about traditional arts and culture of Oceania, Toggle Politics and foreign relations subsection. The Cook Islands is not a United Nations member state, but, along with Niue, has had their "full treaty-making capacity" recognised by the United Nations Secretariat,[45][46] and is a full member of the World Health Organization (WHO), UNESCO, the International Civil Aviation Organization, the International Maritime Organization and the UN Food and Agriculture Organization, all UN specialized agencies, and is an associate member of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) and a Member of the Assembly of States of the International Criminal Court. On 4 August 1965, a constitution was promulgated. Cook Islands - The World Factbook The Cook Islanders were trained at Narrow Neck Camp in Devonport, and the first recruits departed on 13 October 1915 on the SS Te Anau. It is based on a target on net debt as the fiscal anchor, and fiscal responsibility ratios for the fiscal balance, expenditure growth and cash reserves (see Box 2). The Cook Islands were first settled around AD 1000[19] by Polynesian people who are thought to have migrated from Tahiti,[20] an island 1,154 kilometres (717mi) to the northeast of the main island of Rarotonga. The office said "from July through to . In the 1820s, Russian Admiral Adam Johann von Krusenstern referred to the southern islands as the "Cook Islands" in his Atlas de l'Ocean Pacifique. [21], The British navigator Captain James Cook arrived in 1773 and again in 1777[22] giving the island of Manuae the name Hervey Island. 22. James COOK who spotted one of the islands in 1773. [16], The islands' official name in Cook Islands Mori is Kki 'irani, a transliteration of the English name.[17][18]. 29. There are 15 major islands spread over 2,200,000km2 (850,000sqmi) of ocean, divided into two distinct groups: the Southern Cook Islands and the Northern Cook Islands of coral atolls. 40. Family planning in Pacific Island Countries and Territories (PICTs): A [59] Unlike other foreign jurisdictions such as the British Virgin Islands, the Cayman Islands and Switzerland, the Cooks "generally disregard foreign court orders" and do not require that bank accounts, real estate, or other assets protected from scrutiny (it is illegal to disclose names or any information about Cooks trusts) be physically located within the archipelago. This has been calibrated to allow for a fiscal response to economic downturns or natural disasters while converging slowly to the debt target. Top 10 poorest Caribbean countries 2023 - Victor Mochere In addition, as growth in New Zealand and the world economy slow, tourist arrivals are expected to continue to grow albeit at a slower pace, which will also lead to more moderate growth. Each of the 15 islands seems more breathtaking than the last. 5/ Derived as [(r-(1+g) g + ae(1 +r)]/(1+g++g)) times previous period debt ratio, with r = interest rate; = growth rate of GDP deflator; g = real GDP growth rate; a = share of foreign-currency denominated debt; and e = nominal exchange rate depreciation (measured by increase in local currency value of U.S. dollar). These show that Cook Islands GNI per capita has been comfortably above the threshold for the last three years, a requirement for graduation.3. In addition much of the land in Cook Islands is owned by residents in New Zealand. | Technical document. As a result, the ratio of gross public debt to GDP has fallen by six percentage points to 19 percent of GDP at end FY19. This is still well above the potential long-term growth rate. The FSC has a close working relationship with Reserve Bank of New Zealand (RBNZ), and has memorandums of understanding with the RBNZ, the Australian Prudential Regulation Authority (APRA) and the Bank of Papua New Guinea (BPNG). A downturn in tourism led to an economic downturn that brought external debt to 140 percent of GDP. The stock of debt includes loans drawn down and does not include loans committed but not drawn, largely contingencies for disaster risk management. RESULTS REPORT Programme budget 2020-2021 Foreword Executive summary Feature stories Billion targets Budget highlights Outcomes Country reports Dr Tedros Adhanom Ghebreyesus Director-General's foreword Hypertension Cook Islands 2020 country profile. The Cook Islands remained free of further European contact until the 1760s, and in 1773, British explorer James COOK saw Manuae in the southern Cook Islands. This is in addition to the Loan Stabilization Account which is expected to hold 2 percent of GDP in 2023. The framework for regulating foreign direct investment in the Cook Islands seems to be restrictive, in that it picks and chooses preferred industries, allows significant discretion in approving projects, and in the case of approval often allows only very narrow sets of activities to be licensed. [35] Albert Henry of the Cook Islands Party was elected as the first Premier and was knighted by Queen Elizabeth II.

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