06:45 AM EDT, 07/26/2024 (MT Newswires) -- Solomon Islands' economy came out of the COVID-19 pandemic relatively unscathed, said ANZ Bank.

While it did experience an economic downturn in 2020, the economy was on a path to recovery from 2021, wrote the bank in a note to clients.

This shallow contraction and quick recovery is characteristic of Solomon Islands' diversified economy, stated ANZ. It isn't dependent on one industry as a source of economic growth but relies on its global trade in a range of commodities.

However, Solomon Islands' industries could be operating at a higher level, and their issues are domestic in nature, pointed out the bank. Investment in infrastructure has been a major roadblock to lifting the growth rate.

Now with a solid infrastructure investment pipeline assembled, Solomon Islands is likely to see gross domestic product maintained in the 3%-4% range over the longer term, accoridng to the bank.