Fiji’s Economic Rebound Is Very Strong – 15.6% growth in 2022: Gounder

Fiji’s post-pandemic recovery has been strong. This was highlighted by Ministry of Economy Permanent Secretary Shiri Gounder at the AttorneyGeneral’s Conference which ended on Saturday at Sheraton Fiji Golf and Beach Resort in Nadi.

He highlighted:

All key agencies expect a similar outcome (Macroeconomic Committee, ADB, Westpac and ANZ). Confidence levels are high with lot more optimism.

Tourism Recovery is strong

For the month of October 2022, visitor arrivals were around 91 percent of pre-pandemic levels.

Australia-New Zealand arrivals have already surpassed pre-pandemic levels while other markets are catching up.

Tax collections are buoyant

Tax collections have consistently surpassed our forecast.

Good to see over collections from the first month.

Labour market is returning to normalcy

More than 100,000 jobs were affected during the pandemic with a challenging socio-economic environment.

Jobs recovery has been strong post reopening and economic recovery.

Post Pandemic Challenges: Elevated Inflationary Pressures

While fuel prices have started to fall recently, general upward pressure on inflation still persists

Fiji is a price taker thus a lot is beyond our control.

Loss of Skills to Australia, New Zealand and others

We have seen major skill drain post pandemic.

While there are positives (remittances, greener pastures), it has started to have impact on our economy.

Geopolitical Tensions

Small island developing states are vulnerable to external shocks. Geopolitical tensions perpetuating increased inflationary pressure and supply chain issues.

Climate Change and Natural Disasters

Fiji has noted 16 major cyclones after TC Winston.

The climate crisis persist and will only get worse.

Key Takeaways

Never let a crisis go to waste – disasters are opportunities in disguise There is always light at the end of the tunnel – never give up.

Do not lose sight of the big picture – sometimes we need to lose the small battles to win the war.

Pick battles big enough to matter and small enough to win.

Crisis do not schedule appointments; we always have to be prepared – the next one might be around the corner.