Wednesday, May 29, 2024
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Economy to grow a further 8%: Prasad

The Deputy Prime Minister and Minister for Finance Professor Biman Prasad say Fiji’s economy is poised to grow a further eight per cent this year – that is largely driven by the anticipated full recovery in tourism and related sectors.

In a statement, Professor Prasad said that this will have the positive flows on effects to the rest of economy.

Prof Prasad also revealed that the Fijian economy is expected to return to pre-pandemic levels by the end of this year and not the end of next year, based on economic forecasts.

He said despite some challenges that Fijians will face, mainly due to the increase in VAT increases on certain products and services, the budget has some major tax reforms which has permanently added close to $600 million in additional revenues – Approximately five per cent of Fiji’s Gross Domestic Product.

“The Government’s budget focussed on three dimensions of building fiscal sustainability, improving the provision of public services and strengthening social protections.”

“The Coalition Government believes that the private sector led economic rejuvenation is an important pillar to ensure sustainable economic growth which is critical to put the debt to GDP ratio on a consistent downward path, complementing the planned fiscal reductions.”

The Deputy Prime Minister said, however, this action requires a number of structural reforms to ensure private sector growth and development is supported.

Prof Prasad added that the role of the private sector is paramount for economic recovery, job creation and overall development.

“I believe that as a government, we need to listen and create a more enabling environment for our private sector to thrive, through confidence building, streamlining business process to make things easier, investing in public infrastructure, skill development, ensuring rule of law and providing stability.”

Ilaitia Ravuwai
Ilaitia Ravuwai
Journalist | news@fijilive.com

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