ANZ economist is bullish because he is expecting over 20% economic growth - ANZ Bank Country Head

ANZ economist is bullish because he is expecting over 20% economic growth - ANZ Bank Country Head

By Rashika Kumar
Monday 21/03/2022
ANZ Bank Country Head, Rabih Yazbek. [Photo Credit: ANZ News]

ANZ Bank Country Head, Rabih Yazbek says their economist is bullish because he is expecting over 20% economic growth this year but they have challenged his assumption many times.

While speaking at the Fiji Chamber of Commerce panel discussion on the topic: “Driving The Future of Business”, Rabih Yazbek says he keeps reiterating that we are coming off a lower base and tourism rebound will be stronger than expected.

He says businesses should feel pretty great at this point of the economic cycle we are in and all their internal statistics point to a pretty solid recovery.

He says 4 out of every 5 borrowers who asked them to pause payment during COVID will be restarting payment if not before then the start of this month which is a really good indicator for the economy.

Meanwhile Minister for Economy, Aiyaz Sayed-Khaiyum says an 11.3% growth is projected for this year, 8.5% growth in 2023 and 7.7% growth in 2024.

He says says tourism arrivals were about 897,000 in 2019, it plummeted to 147,000 in 2020, last year they had 32,000 visitors and this year they are expected to grow by 1,300% because they are expecting 447,000 visitors as they are starting from a low base.

He says the opening of the borders has meant there is a bit more robustness in the economy and tourism is a major driver in the economy.

Sayed-Khaiyum says there are a number of other sectors that contribute to the economic growth of Fiji and as a government, their plan has always been to diversify the economy which in other words mean growing more sectors in Fiji and not simply be dependent on one or two sectors for economic growth.

The Minister says this is happening progressively and indeed on a solid footing.

Credit Corp Fiji Care
Credit Corp Fiji Care
People’s Alliance had proposed for PM’s pay to be maintained at $328,750
The People’s Alliance Party had proposed to the Parliamentary Emoluments Committee for the Prime Minister’s salary to be maintained at $328,750 an...
12 hours ago
Mavericks clinch 108-105 win over Timberwolves in Game 1 of Western Conference Finals
Luka Doncic led a strong finish for the Dallas Mavericks, swishing crucial shots down the stretch, drawing a couple of fouls and even playing strong ...
7 hours ago

FijiFirst submitted proposal similar to the committee recommendation for salary increases
The only opposition party in parliament, the FijiFirst, had proposed an increase in salary of the Leader of Opposition from $120,000 to $200,000, ...
11 hours ago

Crime increases by 73% in April, 14 police officers charged for various offences – Acting COMPOL
There has been a 73 percent increase in overall crime in April this year while serious crimes increased by 65 percent when compared to the same ...
13 hours ago

Nurses buying syringes and needles for patients at public hospital
Serious concerns continue to be raised by Fiji Nursing Association President, Doctor Adi Alisi Vudiniabola on nurses having to buy needles and ...
13 hours ago

Not the right time to increase MPs pay when many Fijians are struggling – Dialogue Fiji
Dialogue Fiji has today expressed its concern and disappointment over the recommendations made by the Parliamentary Special Committee on Emoluments, ...
13 hours ago

fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
Ministry of Home Affairs Talanoa Session on Illicit Drugs and Substance Use Disorders in Fiji
The pervasive threat of illicit drugs has emerged as a pressing concern, rapidly infiltrating and destabilizing our society therefore the Republic of ...
7 days ago

Bainimarama and Qiliho hearing in dismissal of 2 police officers case
Acting Director of Public Prosecutions John Rabuku says he wants the hearing of former Prime Minister Voreqe Bainimarama and suspended Police ...
7 days ago

Sayed-Khaiyum case on alleged payment of Saneem's taxes without proper approval
It is alleged that between the 30th of June, 2022 and the 12th of July, 2022 in Suva, whilst being employed in the civil service as the Acting Prime ...
7 days ago