Remengesau says indicators do not point to crisis

The president said Palau’s economy continues to thrive and grow.He said an economic crisis will indicate a reduced Gross Domestic Product (GDP). However economic indicators showed that GDP will increase by 2 percent.He said that unless true economists say that economic indicators point toward economic crisis, then other sectors has “no right to term Palau under economic crisis.”He said there are no massive layovers to show an economic crisis.The president said the energy crisis has spilled over to prices of commodities and services.To defray the cost, the president said there is a need to increase the purchasing power of consumers which can be resolved through a passage of a measure that will increase the minimum wage.“If the Olbiil Era Kelulau will pass it, I will sign a bill that raises the minimum wage,” Remengesau said.The president also stressed the need to pass revenue generating measures to meet the high cost of fuel prices.