The Reserve Bank of Fiji Governor, Ariff Ali says he has no doubt that when the tide turns on the current COVID-19 crisis, the economy will emerge from the experience much stronger, and more rejuvenated to tackle the challenges of the next 50 years.
Ali says Fiji has come a long way since its independence half a century ago.
He says 50 years ago, Fiji's Gross Domestic Product in nominal terms was only around $192 million but as of last year our total production of goods and services has grown by almost 50 times to just under $12 billion.
He says this unprecedented economic growth resulted in declining poverty and equality and enabled massive investment in infrastructure, allowing access to new markets and opportunities over time.
He adds Fiji was not spared from the COVID-19 pandemic this year as it affected one-fifth of our GDP value and a number of positive gains have been reversed.
The Governor says the country's foreign reserves have also grown over the past 50 years wherein 1970, it stood at $24 million whereas of this morning, it stands at over $2.3 billion.
Ali says $3 million was the liquidity in the banking system then but now it has surpassed the $1 billion mark.
He says total currency circulating in the economy at the time of independence including those that are in a person's pocket was $14 million but today it is close to $900 million.
He further says less than 30,000 households had electricity in their homes in 1970 and now it has increased over fivefold to around 180,000.
The Governor highlighted that these trends showcase a nation that has made considerable economic progress over the last five decades.
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