This week the Australian Bank, ANZ in Timor-Leste announced that over the last year new accounts have increased by 80% , “foot traffic” has increased 2% per week and lending has doubled.
“We see the results of the ANZ bank in Timor-Leste as a reflection that the environment of peace and stability in the nation has fostered conditions for overall economic growth.’ noted Pereira.
This year Timor-Leste was ranked the second fastest growing economy in the world, with a recorded 12.8% economic growth. “Despite the global recession, the Government was able to make giant strides.”
The economic growth, combined with gradual reforms to institutions has also seen positive results for the Government. In 2008, there was a 44% increase in the total number of tax payers, direct taxes increased by 46% and business taxes increased by 56%.
Increased budget execution of 283.6% from 2006/2007 allowed better service delivery to the people of Timor-Leste and it was estimated that direct and indirect wage generation for 2008 reached 47, 500. Approximately 45,000 jobs are projected to be generated by Government expenditure in 2009.
Pereira concluded, “The Xanana Gusmão Government will soon be announcing our national priorities for 2010 which will support the strong results achieved thus far. Our overall objective though is to take our people from the depths of poverty to become one of Asia’s miracle economies.” ENDS
* MEDIA RELEASE Díli- July 29, 2009
Statement By The Spokesperson of the IV Constitutional Government, The Secretary of State for the Council of Ministers. For More Information Please Contact: Agio Pereira +670 723 0011; E-mail: agiopereira@ cdm.gov.tl