Fijian economy expected to increase by 8 percent in 2023 – Ali

Fijian economy expected to increase by 8 percent in 2023 – Ali

By Naveel Krishant
Saturday 27/05/2023
[Photo: File photo]

The growth projection for the Fijian economy in 2023 is revised upward to 8.0 percent from the 6.0 percent envisaged in November 2022.

Reserve Bank of Fiji Governor and the Chairman of the the Macroeconomic Committee Ariff Ali says the key sectors contributing to the upward growth projection are the accommodation and food services, transport and storage, agriculture, manufacturing, wholesale and retail sales, finance and insurance, administrative services, construction and net indirect taxes.

Ali says for 2022, given the better-than-expected rebound in tourism and related sectors, the Fijian economy is estimated to have grown by 18.6 percent, higher than the 15.6 percent previously projected.

He adds the service sector and net indirect taxes contributed the most to the revised growth estimate.

In 2024 and 2025, Fiji’s economy is forecast to return to the pre-pandemic trend and grow by 3.8 percent and 3.0 percent, respectively.

Ali says despite the upward revision to the growth projection for this year, risks to the outlook are tilted to the downside.

He says the global headwinds are from the continued geopolitical tensions, rapid interest rate hikes in advanced economies and the possibility of global recession.

Ali adds domestic headwinds include uncertainty surrounding tax policies and the extent of fiscal consolidation in the upcoming national budget, high emigration, climate change, and natural disasters.




fijivillage Straight Talk with Vijay Narayan
Latest Videos

Stay tuned for the latest news on our radio stations

CFL radio frequencies
FEATURE NEWS
Fiji out to deliver an improved performance in Dubai after not winning any tournaments last season
Double Olympic gold medal winners, the Fiji Airways Men’s National 7s team are out to deliver an improved performance in Dubai this weekend in the n...
13 minutes ago
LATEST NEWS
50,000 and Counting
The recent TOPEX conference featured more talk about the impact of the exodus of Fijian workers to Australia and New Zealand. Permanent Secretary ...
16 hours ago

Inspire Pacific aims to bring juveniles into society through education and effective ways
Inspire Pacific is encouraging juveniles and youth to never lose hope and always reach out for help as they focus on bringing back juveniles to their ...
17 hours ago

World AIDS Day is for reflection, remembrance and action - Human Rights Activist
World AIDS Day is a day for reflection, remembrance and action because people losing lives due to HIV is an issue that affects everyone. Those ...
17 hours ago

CWM Oncology Ward is under the list of urgent projects for renovation works - MOH
The Ministry of Health and Medical Services states that the refurbishment of the CWM Hospital Oncology Ward has been schemed under the list of urgent ...
17 hours ago

Compain raises serious concerns with the Acting PM, Deputy PM and Health Minister on distressing state of CWM’s Oncology Ward
The President of International Women’s Association, Judy Compain says the apparent lack of concern and attention from the Ministry of Health and ...
19 hours ago
IN DEPTH
PM’s motion passed to reduce overseas travel allowances for the PM, Ministers, Assistant Ministers, Leader of Opposition and MPs
Parliament has passed the Prime Minister’s motion to reduce the rates payable for overseas travelling allowances for the Prime Minister, Cabinet ...
10 days ago

CEO of the Fijian Competition and Consumer Commission, Joel Abraham appears on fijivillage Straight Talk With Vijay Narayan
CEO of the Fijian Competition and Consumer Commission, Joel Abraham appears on fijivillage Straight Talk With Vijay ...
16 days ago

HIV infections in Fiji increased 260% since 2010, making Fiji the second fastest-growing epidemic in the Asia Pacific region
Speaker of Parliament and UNAIDS Goodwill Ambassador for the Pacific Region, Ratu Epeli Nailatikau says according to the Global AIDS Monitoring Report, Fiji is in the top 5 countries of rising new HIV infections in the Asia Pacific region amongst the 15 t
20 days ago

TOP