A PACIFIC Islands economics professor has expressed seeing little change in Solomon Islands welfare in the last decade but nonetheless what has changed is the intent to drive economic improvements by the leadership of the country’s financial institutions.
Professor Paresh Narayan, a Fiji-born academic of Indo-Fijian heritage, was one of the key speakers at the CBSI–Asian Development Bank Institute (ADBI)–Asia-Pacific Applied Economics Association (APAEA) Joint Workshop, held on Wednesday at the Heritage Park Hotel in Honiara.
He gave his opinion on the progress of economic development in Solomon Islands, where he had previously contributed to the development of the Central Bank’s Strategic Development Plan.
“Not much has changed in terms of welfare gains, whether it’s consumer welfare or producer welfare.
“What has changed, though, is the intent to make those changes, which is now reflected in the leadership. The Governor of the Central Bank here, Dr Luke Forau, is very forward-looking. His speech showed that he is passionate about improving the country’s economic welfare and engaging with external collaborators. He is focused on finding ways to bring benefits to the Solomon Islands. That’s the type of leadership change I’ve seen.”
Dr Forau was the Manager of the Research Department at CBSI when Professor Narayan first visited to assist in these efforts.
Professor Narayan acknowledged the leadership and personnel changes within CBSI and the National Provident Fund (NPF), where he had worked more than a decade ago.
“I can see that many of the people who were in junior positions then are now in senior roles,” he said.
“Most of them were trained by me, and I made sure to embed a culture of innovation during the training. It’s rewarding to see that coming to fruition. It’s not just about my influence; many of them have gone on to receive training elsewhere as well.”
Professor Narayan praised the growth in human capital in Solomon Islands over the last 10 years, noting this as a positive sign for the future.
“That’s the good news,” he said.
“The real change I’ve seen is in human capital. However, when it comes to broader effects on people’s lives, I haven’t seen as much progress. That’s something we need to keep working on. Initiatives like this conference help drive that kind of change.”
Professor Narayan also expressed his belief in the importance of continued training and capacity-building to strengthen the Solomon Islands economic future.
Narayan is a Professor at Monash Business School and the President of the Asia-Pacific Applied Economics Association.
He also serves as Editor-in-Chief of Emerging Markets Finance and Trade and Managing Editor of Bulletin of Monetary Economics and Banking. He is also a Distinguished Professor at the Indian Institute of Technology Hyderabad and holds adjunct professorships at several universities worldwide.
His research focuses on Applied Econometrics and Financial Markets. With over 380 papers published in international refereed journals, he has been recognized as a highly cited researcher for five consecutive years (2017-2021) with an h-index of 88. Stanford University ranks him 544th globally among 9 million researchers.
Professor Narayan has also been a consultant for multiple organizations, including Bank Indonesia, the Central Bank of Sri Lanka, the Asian Development Bank, the Commonwealth Secretariat, UNDP, the Economic Research Institute of ASEAN (ERIA), and the Solomon Islands National Provident Fund.
By EDDIE OSIFELO
Solomon Star, Honiara
