Tourism and remittances boost economic recovery
The Fijian economy continues to benefit from the recovery in the tourism sector, which has also been further boosted by the increase in inward remittances from Fijians overseas.
Reserve Bank Governor, Ariff Ali, says that growth has also been recorded in other key sectors post-pandemic.
Ali says the economic recovery post-pandemic has given rise to the value of investments in the country.
“As you know we have put a growth this year at 15.6 percent in 2022. This will be the largest growth ever in our history. Of course, it has been coming off the back of two years with a very sharp contraction when the economy contracted by almost 22 percent. The labor market continues to progress toward pre-pandemic levels. The wage level at the end of October and at the end of September is almost the same as the wages in 2019.”
Ali says ample system liquidity is pushing both outstanding deposit and lending rates to historical lows, meeting the objective of aiding in economic recovery.
The Reserve Bank of Fiji says foreign reserves remain comfortable at $3.5 billion with 8 months of retained imports and are expected to remain adequate in the near to medium term.
Credit: FBC News
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