Koror, Palau – President Surangel Whipps Jr. delivered an optimistic outlook on Palau’s short-term economic prospects in his fourth State of the Republic Address (SORA) on Thursday.
Whipps emphasized patience and a post-pandemic recovery, stating, “Our future outlook is good, and we should be more patient and not be afraid. COVID is behind us now. Yes, things are tough now, but this coming 2024 and 2025, we will see a lot of activities – public infrastructure projects exceeding $800 million.”
The president highlighted several upcoming construction projects that will fuel economic activity. These include U.S. military radar sites in Angaur and Ngaraard states, the new Indigo Hotel in Malakal, and powerline replacements on Babeldaob’s east coast. Additionally, Whipps mentioned the Palau National Telecommunications Corporation’s $35 million dollar fiber-to-the-home grant, which he believes will create “new opportunities using the digital economy.”
ADB’s Pacific Economic Report cited tourism recovery and public infrastructure projects as contributing factors for Palau’s projected 6.5% growth in 2025.