Pacific Economic Outlook Weakens, But Vaccination Progress Provides Optimism — ADB News Release | 29 July 2021 MANILA, PHILIPPINES (29 July 2021) — Despite a weakening economic growth forecast for the Pacific, recent progress in vaccination rollouts and stronger public health measures are providing optimism for the safe reopening of borders in the near term, according to the latest issue of the Asian Development Bank’s (ADB) After a pandemic-induced contraction of 5.8% in 2020, the economies of ADB’s 14 Pacific developing member countries (DMCs) are forecast to grow by 0.3% in 2021 and 4.0% in 2022. The growth is expected on the back of the outlook for Papua New Guinea (PNG), the subregion’s largest economy, where a modest recovery is projected this year before strengthening in 2022.