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Growth prosepcts to improve: Whiteside

 

Aug 21, 2013 11:38:49 AM

Growth prosepcts to improve: Whiteside Despite global economic growth having spiraled downwards three times this year and the world economy poised to grow by 3.1 percent, Fiji’s economy has been fortunate and shielded from the global slowdown, says Reserve Bank governor Barry Whiteside.

Whiteside made the comments while addressing participants at the Fiji Economy Update in Suva yesterday.

He said the country’s Gross Domestic Product (GDP) had expanded by 3.3 percent from last year, following a 1.9 percent expansion in 2011.

“Growth prospects are expected to improve further to around 3.2 percent this year, and with the exception of the mining and quarry sector, all sectors will contribute to this growth,” he said.

“The projection for 2013 will be the highest since 2004 and is a combination of reassessment of relevant data and information available as well as direct feedback from a wide cross-section of industries and sectors,” he added.

Whiteside highlighted that out of discussions with the IMF delegation which visited Fiji earlier this month, there was a general consensus on two fundamental issues with regards to economic growth: firstly, that economic growth in 2013 would be higher than 2012 with a forecast of 3 percent and secondly, that Fiji has the potential to do even better.

Academic researchers, policymakers and the general public had the opportunity to contribute to important discussions on economic issues concerning Fiji at the update which was organised by the University of the South Pacific’s Faculty of Business and Economics.

The sessions were centered on Fiji’s economic update, employment and labour markets and Northern and regional development.

A second economy update will be held in Labasa this Friday.

By Reginald Chandar
 

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