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Economy contracted in 2019, says Kumar

 

Aug 01, 2021 01:55:26 PM

Economy contracted in 2019, says Kumar The Minister for Local Government Premila Kumar says the economy contracted marginally in 2019. 

Kumar said the leader of opposition Viliame Gavoka needs to know that almost every country on the planet recorded negative economic growth for the last two years.

She in her response to the national budget said economies the world over have suffered, small island economies like Fiji have not been spared.

“The leader of opposition said that the economy was declining before coronavirus.  Yes, the economy contracted marginally in 2019,” she said.

“He needs to know that almost every country on the planet recorded negative economic growth in 2020. The world, as we know,  has been ravaged by the pandemic.

“Economies world over have suffered and Small Island economies such as ours have not been spared. We have suffered immensely in all aspects of our lives.

“It is the largest health and economic challenge faced by the nations in living memory. This has made budget preparation extremely challenging with high volatility in revenues,” she said.

She said it is inevitable the Government has to borrow to finance coronavirus health and safety programmes, social protection initiatives, and providing a boost to our businesses.

“It also means that economic indicators like Foreign Reserves remain healthy further providing multilateral institutions like World Bank confidence in the Fijian recovery efforts,” she said.

 She said the opposition criticises the Government for borrowing, yet in the same breath, they want the government to give out assistance beyond its sustainable capacity.       

By Nacanieli Tuilevuka

 

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Covid-19 Update

 

Last updated 1st December 2021

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