Reserve Bank of Fiji Governor and Chairman of the Board, Ariff Ali says the outlook for 2022 remains positive, as the December 2021 Business Expectations and Retail Sales Surveys say retail activity is expected to rebound in 2022 to double digit growth after two years of dismal sales, underpinned by easing of restrictions and more inbound tourists, along with businesses adapting to new ways of doing business.
Ali says in addition, a net 70 percent of businesses have a favourable outlook for the next twelve months, twice the ratio when compared with a year ago.
He says similarly, approximately half of the respondents indicated that they will be hiring additional staff this year.
The Governor reiterates that despite the initial slower than expected pick-up, tourism will remain the main driver of the economic rebound this year with forward bookings indicating strong activity from April onwards.
He says nonetheless, the resurgence of COVID-19 cases and emergence of new variants, natural disasters, lower than expected visitor arrivals and limited fiscal space remain significant downside risks to this outlook.
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