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Sayed-Khaiyum needs lesson in GDP calculations: Prasad

 

Aug 01, 2021 12:05:37 PM

Sayed-Khaiyum needs lesson in GDP calculations: Prasad National Federation Party leader Biman Prasad believes the Minister for Economy Aiyaz Sayed-Khaiyum needs to take some lessons on how the gross domestic product is calculated.

This comes after Sayed-Khaiyum had highlighted in parliament that Fiji will suffer a gross domestic product loss of $350 million if it undertakes a fourteen-day lockdown.

Prasad while speaking in parliament said Sayed-Khaiyum needs to take some lessons on how domestic product loss is calculated and how it is lost.

“You need to take some lessons on how the gross domestic product is calculated and is lost, honourable minister,” he said.

"He needs some lessons on how gross domestic product is calculated as him saying a lockdown would have a great loss on the country's economy, as an economist I can tell you this.

"He should stop deceiving the public as his explanation on the gross domestic product due to lockdown is wrong. He should take a lesson on calculating it as the economy minister," he said.

Sayed-Khaiyum said apart from the gross domestic loss, the government would need at least $300 million to provide income support.

“A nominal gross domestic product is around 10 billion dollars, approximately $10 billion that’s an average of about $12 million per day,” He said

“So if you lockdown for 14 days that equates to $350 million just in gross domestic product loss. Apart from that, you will need at least $300 million for income support, if you want to support formally.

“The $350 million gross domestic product loss and $300 million income support was for Viti Levu alone. If Vanua Levu was included, the costs would be “around a billion dollars”.

He said apart from food, people would not be able to pay rent, mortgages, vehicle payments and hire purchase payments.

He said that was the reason the Government had opted for targeted lockdowns and was providing food for those affected.

By Nacanieli Tuilevuka

 

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Last updated 1st December 2021

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