There is a good chance that Fiji’s borders could open before the end of the year and the Gross Domestic Product can rebound by 4.9% depending on the availability of COVID-19 vaccines.
This is according to the 2020 ANZ Research Pacific Economic Outlook Fiji Report which is co-authored by ANZ’s International Economist Kishti Sen and Senior International Economist Tom Kenny.
According to the report, a 15.4% lift in GDP is forecast for 2022.
Tourism revenue fell from $1.9 billion in 2019 to $308 million in 2020 which is a decline of about 84%.
However, it also states that risks to the outlook are balanced and there is a possibility that international borders do not open this year if vaccine supply is limited.
Tourism is one of the sectors hardest hit by the COVID-19 pandemic which has resulted in the loss of thousands of jobs with the unemployment rate going up to 21.5% from 7% in 2019.
The report further states they are hopeful that the non-tourism economy driven by strong remittances would continue to support GDP and employment this year.
According to the Reserve Bank, Fiji’s total remittances received from January to December last year was the highest ever standing at $653 million, which is an annual increase of 11%.
