The Reserve Bank of Fiji says the country’s economic recovery continues to be backed by strong tourism activity in the market.
The Central Bank in its January economic review highlighted that visitor arrivals surpassed expectations in 2022 totaling 636,312, equivalent to 7.1 per cent of 2019 levels – which was underpinned by visitors from Australia, New Zealand and the United States.
The report said that the higher than expected visitor arrivals and related spending, combined with higher prices, boosted tourism receipts and, as per overseas exchange transaction records, reached just over $1.4B.
This was despite the global economic outlook for 2023 remains gloomy, although not as weak as earlier predicted by the International Monetary Fund (IMF).
In its latest release, the IMF expects global growth to decelerate to 2.9 per cent in 2023 before picking up to 3.1 per cent in 2024.