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The Economies of Oceania
Abstract
This chapter provides an overview of the economic performance and current situation of the economies in the Oceanic region. Oceania comprises the economically developed countries of Australia and New Zealand plus the more than 20 island countries and protectorates of Melanesia, Micronesia, and Polynesia. In 2018, Australia dominated the region in terms of population (71% of the total for Oceania) and gross domestic product (86%). Melanesia, which includes Papua New Guinea, Fiji, and New Caledonia, contained 26% of the region's population and generated 4% of its gross regional product. According to the authors' forecasting model, Oceania's share of both world population and gross world product will rise strongly during the coming three decades, admittedly from a low base. Reflecting the high degree of complementarity of the Oceanic economies with those of Asia, this strong growth in the Oceanic region should support increasingly attractive opportunities for trade and investment with the economies of Asia.
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