Friday, April 19, 2024
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Fiji was strongest Pacific economy in 2022

Fiji was the strongest performing Pacific economy in 2022, buoyed by a rebounding tourism sector.

Gross Domestic Product (GDP) growth increased to an estimated 15.1 per cent in 2022 and this followed several years of negative growth during the pandemic.

The World Bank’s inaugural Pacific Economic Update, a comprehensive assessment and forward-projection of 11 Pacific Island country economies, launched yesterday in Suva, forecasts Fiji to continue  a stable growth trajectory, and see inflation fall as low as 2 per cent through 2023.

Coming out of the COVID-19 restrictions, however, Fiji saw its debt-to-GDP ratio climb to above 70 per cent which, alongside Palau, is some of the highest in the Pacific.

The report states that although recovery is expected to continue, fiscal balances, debt sustainability, and inflation will remain a concern and Pacific nations will need to consider reforms and policies to boost equitable growth and sustainable investments, while striking a careful balance between supporting livelihoods and reducing future public debt risks.

 

Reginald Chandar
Reginald Chandar
Head of News & Sports | news@fijilive.com

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