A large number of Palauan people have migrated out to the United States over the past five decades. This outmigration, estimated to be higher than the number of Palauans still residing in the country, has unrealized potential for Palau, according to James K. Galbraith, an economist and Chairman of the Palau Economic Advisory Group.
This population should not be lost to Palau, said Galbraith. They were looking at different ways this population could remain “economically and socially engaged with their country.”
Many US policies may be changing, such as Medicare, Medicaid, veterans benefits, and tax policies, among others, “that could work overtime to strengthen the Palauan community as a whole to the benefit the nation,” concluded Galbraith in his short address at the 2022 Economic Symposium held yesterday at Ngarachamayong Cultural Center.
The Economic Advisory Group was created under the last Compact Review signed on September 2010.
“The purpose of the Palau Economic Advisory Group is to contribute to the long-term economic sustainability of Palau by recommending economic, financial, and management reforms,” according to the CRA 2010.
The five advisory group members include two designated by Palau and two by the United States and the fifth member chosen by the U.S. government from at least three persons who are not residents of Palau submitted by the President of Palau.