The Fijian economy is expected to grow by 12.7 percent this year.
The forecast by Westpac Fiji, states, this is 0.2 percentage points lower than the 12.9 percent growth anticipated earlier.
Westpac Fiji's senior economist, Kishal Prasad states this solid outcome is driven by strong consumer spending, a reopening effect, and is supported by an earlier stimulus, which is now somewhat affected by the adverse effects of ongoing high inflation.
Prasad says they expect the economy to continue to grow by 9.5 percent in 2023 and forecast a baseline growth of five percent in 2024.
Overall, while Fiji is making good strides in its recovery process and has implemented strategies to normalize economic activity, challenges and risks remain.
Prasad adds the main challenge right now is to continue to grow the economy while keeping inflation contained as the impact of the Russia-Ukraine war continues to weigh on broadening price pressures that threaten real income and consumer demand.
Prasad says natural disasters and the upcoming General Election also pose some downside risks to the growth outlook and could derail the expected recovery of the Fijian economy.
Credit: FBC News
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