Editing Economy of Tuvalu (section)

===Remittances from Tuvaluan seafarers===
{{see also|Tuvalu Overseas Seamen's Union}}
Tuvalu men have for some time been employed abroad, working on container ships, primarily on [[Germany|German]]-owned ships. Remittances from seafarers is a major source of income for their families in Tuvalu. In 2002, the [[Asian Development Bank]] (ADB) approved an assistance package to upgrade the [[Tuvalu Maritime Training Institute]] (TMTI) which trains young Tuvaluans so they can work aboard foreign vessels.<ref name=adb>{{cite web | url= https://www.adb.org/countries/tuvalu/main|title=Asian Development Bank (Tuvalu)|access-date=17 December 2016}}</ref> This project was completed in 2011.<ref name="ADB2011">{{cite book|title=Maritime Training Project: Program Completion Reports |date=September 2011 |publisher=Asian Development Bank |url=http://www.adb.org/documents/tuvalu-maritime-training-project |access-date=1 October 2017 |archive-url=https://web.archive.org/web/20141208040848/http://adb.org/sites/default/files/projdocs/2011/32407-013-tuv-pcr.pdf |archive-date=8 December 2014 }}</ref>

The [[Great Recession]] impacted global export-import activities and the demand for shipping, which reduced the need for Tuvaluan seafarers.<ref name="UNICEF_TV">{{cite web|work= UNICEF|title= Voices of the Vulnerable in the Pacific: Summary Note ('The Global Economic Crisis impact on Tuvalu Seafarers Remittance: the story of Tangata's Family')|url= http://www.unicef.org/pacificislands/Voices_of_the_Vulnerable_in_the_Pacific_SG_report_FINAL_for_website.pdf|access-date= 6 August 2013|archive-date= 22 December 2012|archive-url= https://web.archive.org/web/20121222044232/http://www.unicef.org/pacificislands/Voices_of_the_Vulnerable_in_the_Pacific_SG_report_FINAL_for_website.pdf|url-status= dead}}</ref><ref name="MDG">{{cite web | work= Ministry of Education and Sports, and Ministry of Finance and Economic Development from the Government of Tuvalu; and the United Nations System in the Pacific Islands | title= Tuvalu: Millennium Development Goal Acceleration Framework - Improving Quality of Education | date= April 2013 | url= http://www.undp.org/content/dam/undp/library/MDG/MDG%20Acceleration%20Framework/MAF%20Reports/RBAP/MAF%20Tuvalu-FINAL-%20April%204.pdf | access-date= 13 October 2013 | archive-date= 13 February 2014 | archive-url= https://web.archive.org/web/20140213133607/http://www.undp.org/content/dam/undp/library/MDG/MDG%20Acceleration%20Framework/MAF%20Reports/RBAP/MAF%20Tuvalu-FINAL-%20April%204.pdf | url-status= dead }}</ref>

The 1991 census identified 272 seaman working on merchant ships. In 2002 the Tuvaluan Overseas Seaman's Union (TOSU) estimated the number as 417 seaman working on ships.<ref name="SBDB">{{cite web|author1=Stephen Boland |author2=Brian Dollery |title=The Economic Significance of Migration and Remittances in Tuvalu |year=2005 |publisher=University of New England, School of Economics, Working Paper Series No. 2005-10 |url=http://www.une.edu.au/__data/assets/pdf_file/0011/67970/econ-2005-10.pdf|access-date=28 January 2013 }}</ref> In 2011 the ADB estimated there were 800 TMTI graduates registered for employment as seafarers.<ref name="ADB2011"/> The ADB identified that the number of Tuvaluans employed as seafarers has decreased steadily from about 340 in 2001 to only 205 in 2010; so that of a total pool of 800 qualified seafarers, including those on leave, almost 450 were unemployed. This decline in seafarer employment has reduced remittances from $2.4 million in 2001 to a projected $1.2 million in 2010.<ref name="ADB2011"/> The [[International Labour Organization]] (ILO) also estimates that in 2010 there were approximately 200 Tuvaluan seafarers on ships. The [[International Monetary Fund]] 2014 Country Report described the effect of the GFC as reducing demand for the services of Tuvaluan seafarers. As of October 2013, there were about 112 Tuvalu seafarers working on cargo ships, compared to 361 in 2006. The consequence is that remittances from seafarers to their families in Tuvalu fell by about 9% of GDP for Tuvalu. In 2012 such remittances were 10% of GDP for Tuvalu.<ref name="2014IMF27">{{cite web|title= Tuvalu: 2014 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Tuvalu|url= https://www.imf.org/external/pubs/ft/scr/2014/cr14253.pdf|publisher= International Monetary Fund Country Report No. 14/253|page=27|date=5 August 2014|access-date=21 March 2016}}</ref>

While a budget deficit of A$0.4 million was projected for 2015, the ADB assessed the budget as being A$14.3m in surplus as the result of high tuna fish license fees. The ADB predicted that the 2% growth rate for 2015 would continue into 2016.<ref name="IBjan16">{{cite web |date=January 2016 |title=Development and consolidation crucial for Sopoaga |url=http://www.islandsbusiness.com/2012/item/1434-development-and-consolidation-crucial-for-sopoaga |archive-url=https://web.archive.org/web/20190321133625/https://www.islandsbusiness.com/2012/item/1434-development-and-consolidation-crucial-for-sopoaga |archive-date=2019-03-21 |access-date=17 December 2016 |work=Island Business}}</ref>