The Cook Islands, named after Captain Cook who landed in 1773, became a British protectorate in 1888 and was later annexed by proclamation in 1900. The Cook Islands was first included within the boundaries of latest Zealand in 1901, and in 1965, residents chose self-government in thinking with New Zealand.
The Cook Islands’ economy relies on tourism, fisheries, and aid . More recently a growing offshore financial sector exposed the country to vulnerabilities which the govt has addressed with legislation and regulations for the oversight of all banks and financial institutions, and with enforcement measures. The Cook Islands continues to face challenges with the emigration of skilled workers, government deficits, inadequate infrastructure, and resource depletion. The Cook Islands is anticipated to graduate to the high-income threshold set by the planet Bank, which can limit the country’s access to Official Development Assistance under OECD guidelines.
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