1. Tonga is a small open economy vulnerable to domestic and
external shocks. Domestic political disturbances in 2006 caused
widespread damage in the capital, Nuku'alofa, and GDP contracted by
around 13/4 percent in 2006/07.1 2 The economy rebounded by 21/2
percent the following year, leading up to the coronation of a new
king in August 2008. However, given its reliance on imports (41
percent of GDP in 07/08) and remittances (31 percent of GDP) global
economic developments over the last year have, in common with the
rest of the Pacific (Box 1) renewed pressure on the economy
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