Fiji’s economy is on a path to full recovery and growth is expected to be sustainable after a strong 20 per cent growth last year and a further 8.2 per cent projected for this year, says Deputy Prime Minister and Minister for Finance, Professor Biman Prasad.
He highlighted this in his meeting with Australian counterpart Katy Gallagher and Australia’s Foreign Affairs Minister Senator Penny Wong in Canberra this week.
Prof Prasad said the tourism industry has rebounded very strongly, with visitor arrivals returning to 2019 levels.
He said that fiscal consolidation is at the heart of the medium-term fiscal strategy by the Coalition Government, supported by revenue reforms and complemented by a major restraint on overall public expenditures, including reprioritization of fiscal resources to better achieve our socio-economic and other development goals.
Prof Prasad said apart from fiscal consolidation, in Fiji, a private sector led economic rejuvenation is also an important pillar to ensure sustainable economic growth.
This, he said, is critical to put the debt to GDP ratio on a consistent downward path, complementing the planned fiscal deficit reductions and requires a number of structural reforms to ensure private sector growth and development is supported.
Prof Prasad said the greatest need at the moment is having climate resilient infrastructures and maintenance of our hospitals, health centres, schools, public buildings, government quarters, roads and bridges and water is critical for the Government.