and food in 2008, with the level of inflation peaking at 13.4%. Tuvalu has the smallest GDP of any sovereign nation in the world. Tuvalu joined the International Monetary Fund (IMF) on 24 June 2010. The IMP 2010 Report on Tuvalu estimates that Tuvalu experienced zero growth in its 2010 GDP, after the economy contracted by about 2% in 2009. On 5 August 2012, the executive board of the IMF concluded the Article IV consultation with Tuvalu, and assessed the economy of Tuvalu: "A slow recovery is underway in Tuvalu, but there are important risks. GDP grew in 2011 for the first time since the global financial crisis, led by the private retail sector and education spending. We expect growth to rise slowly". The IMF 2014 Country Report noted that real GDP growth in Tuvalu had been volatile averaging only 1 per cent in the past decade. The 2014 Country Report describes economic growth prospects as generally positive as the result of large revenues from fishing licences, together with substantial foreign aid. On 4 August 2021, the executive board of the IMF concluded the Article IV consultation with Tuvalu, and assessed the economy of Tuvalu to have grown by 1% in 2020, compared to 13.9% in 2019, with 1.6% inflation. The IMF report concluded that the inflow of COVID-19 related grants and high tuna fish licence fees had allowed the Tuvuluan government to maintain government spending in the 2020–2021 budget. The IMF report projects Tuvalu's GDP as increasing by 2.5% in 2021 and 3.5% by 2022; inflation is projected to increase to 2.2% by 2021 and to 2.4% by 2022. The government is the primary provider of medical services through Princess Margaret Hospital on Funafuti, which operates health clinics on the other islands. Banking services are provided by the National Bank of Tuvalu. Public sector workers make up about 65% of those formally employed. Remittances from Tuvaluans living in Australia and New Zealand, and remittances from Tuvaluan sailors employed on overseas ships are important sources of income for Tuvaluans. Approximately 15% of adult males work as seamen on foreign-flagged merchant ships. Agriculture in Tuvalu is focused on coconut trees and growing pulaka in large pits of composted soil below the water table. Tuvaluans are otherwise involved in traditional subsistence agriculture and fishing. Tuvaluans are well known for their seafaring skills, with the Tuvalu Maritime Training Institute on Amatuku motu (island),