Our experts must help ease burden of high cost of living
The message was clear! The economy will continue to face tough times ahead but leaders and experts in their own fields have been told to find a way.
Prime Minister Sitiveni Rabuka referred to them as econocrats.
They have been tasked to decide on the steps to tackle the current economic challenges such as the unsustainable national debt exacerbated by global shocks like the Russian-Ukrainian war threatening supply chain and the COVID-19 pandemic recovery. But Mr Rabuka also said that while most of these challenges were inevitable, given our status on the global stage, these leaders and experts should bear in mind the people and the costs they will bear.
The warning from Ministry of Finance Permanent Secretary Shiri Gounder that Fiji’s economic recovery may not be smooth is a cause for concern. The economic slowdown in neighboring Australia and New Zealand on Fiji’s tourism and other sectors is also a worry. This warning is a wake-up call for policymakers and the private sector to take proactive measures to ensure the economy is well-positioned to weather any potential shocks.
While there are some positive signs of recovery after the last three years of global economic slowdown, the impact of geopolitical conflicts and disruptions to supply chains is a cause for concern.
It is imperative that policymakers in Fiji adopt a more pragmatic approach to the economic challenges ahead. They must prioritize policies that encourage economic growth, job creation, and diversification to reduce the country’s reliance on tourism, which remains vulnerable to external shocks. The government must also work with the private sector to increase investment in other sectors such as agriculture, manufacturing, and technology.
Solutions must be economically sound – one that will introduce policies and reforms to enable our economy to cope with challenges ahead.
The two-day meeting will set the basis in drawing up the 2023-2024 National Budget as well as our National Development Plan.
The success of the summit will be measured not only by the practical and lasting solutions developed, but also the unity and collaboration that it fosters among stakeholders.
The meeting ends today.