Minister for Industry, Trade and Tourism, Premila Kumar says the concern is growing over the economic damage caused by the Coronavirus or COVID-19 outbreak globally and Fiji must prepare itself for the worst time ahead of us.
Kumar says in this regard, they have begun a series of consultations with the stakeholders on future plans and where government intervention is required to curtail the negative impact on our economy.
She says they will commence face-to-face industry meetings next week, where industry associations will provide updates on their preparedness and identify possible areas where support and policy measures could be considered.
Kumar is urging business owners to minimise any possible disruption to businesses that would be caused by the global outbreak of COVID-19.
Kumar says if the outbreak of COVID-19 sweeps across the Asia-Pacific region, Europe and North America, analysts expect a zero to negative global growth in the second quarter 2020, whilst some are forecasting a potential global recession before the end of 2020.
She says in this regard, Fiji does not work in isolation, but Fiji's economy is linked to developments at the global level.
Kumar says her Ministry is aware of any negative impact that may be felt or escalated to the private sector and is planning measures to minimise any consequential impacts.
Kumar says they cannot continue business-as-usual but need to prepare for all scenarios.
Kumar adds as government, they are looking at measures and policy interventions to ensure that the Fijian economy remains buoyant and the private sector needs to also develop new and innovative ways to continue their business until this global phenomenon begins to subside.
She says the Ministry is working with the Ministry of Health on a regular basis and is part of regular Committee that provides updates and monitors the status of COVID-19.
The Minister has urged businesses to re-look at their current strategies and realign resources to manage the expected shortfall COVID-19 has triggered globally.
