Ministry forecast upward growth in GDP
Fiji’s domestic economy is on track with a strong rebound for this year.
Minister for Economy Aiyaz Sayed-Khaiyum says there has been a notable decline in the consecutive years that affected jobs, public finances and socio-economic conditions.
He says the successful vaccination rates and the re-opening of our border can propel economic growth to at least 12.4 percent by year-end.
“After a minor decline of 0.6 percent in 2019, the economy recorded a severe contraction of 17.2 percent in 2020 followed by a further estimated decline of 4.1 percent in 2021.”
Sayed-Khaiyum adds this will also mark exceptional growth in our gross domestic product (GDP) as we expect an influx of foreign tourists.
“In terms of construction and investment, domestic cement sales, new lending for investment purposes rose over the first six months of the year when compared to 2021, likewise in the march quarter of 2022, the number of building permits, completion certificates issued, and value of work put in place all increase relative to the December quarter of 2021 as well.”
Sayed-Khaiyum adds that this shows that investors are taking advantage of the high level of liquidity.
Credit: FBC TV
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