TONGA CHAMBER OF
COMMERCE & INDUSTRY INC.
- Advancing Business
PRESS RELEASE – Thursday 25 June 2009
GLOBAL FINANCIAL CRISIS HURTING TONGAN BUSINESSES
Tonga Chamber of Commerce and Industry (TCCI) released its 2009 Business Survey results revealing that the Global Financial Crisis is impacting on local businesses.
The 2009 Business Survey conducted by TCCI gained the opinions of over seventy businesses from all industry sectors after distributing it to over two hundred businesses (both TCCI Members and Non-Members).
Some of the major impacts on local businesses revealed included increased difficulty in accessing finance via local banks and the fall in remittances over recent months.
“These issues are related to global trends,” the
President of TCCI, Mr. Paula Taumoepeau said. “There has also been a drop in
retail sector sales and a tightening of supply chains to
The survey results also highlighted business concerns over inflation, the cost of living, finding skilled workers and the need for better economic infrastructure (airport, roads, ports, ICT and electricity), which is consistent with last years responses.
“TCCI knows that companies such as Tonga Power, Tonga Airports Ltd. and local telcos have plans to continue to invest in their infrastructure and we encourage these capital works because they will result in improvements to the local business environment,” Mr. Taumoepeau said.
"It is expected that the current reconstruction of Nuku'alofa will also help mitigate the full impact of the Global Financial Crisis," he said.
The fall in fuel prices was reflected in this year’s results but business concern seemed to have shifted towards maintaining political stability over the forthcoming year.
“TCCI is distributing the 2009 Business Survey results to key decision makers in both government and non-government organizations and will use the results to improve TCCI’s own services and lobbying efforts,” Mr. Taumoepeau concluded.
Quick Stats:
· 70% of respondents thought the overall business environment in Tonga had got worse in the past year
· 61% of respondents considered inflation and the cost of living one of the biggest issues for the Tongan economy over the forthcoming year
· 52% of respondents considered infrastructure development one of the biggest issues for the Tongan economy over the forthcoming year
· 50% of respondents considered adapting to the global financial crisis a barrier to their own business growth
· 47% of respondents considered finding appropriately skilled staff a barrier to their own business growth
· Concern regarding fuel prices dropped by 41% compared to 2008
· Concern regarding political stability rose by 38% compared to 2008.
This Survey was made possible with the generous support of the International Finance Corporation(IFC) / World Bank.
Click here to Download Uesia 'ae ng. pisinisi tonga 'ehe ta'au 'oe palopalema fk'ekonomika fkmamani lahi Tongan version.
Also
For more details and a full copy of the survey results Download Survey Results Presentation Full version
