Optimistic outlook
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WITH just four months of data remaining, Westpac Fiji’s senior economist Krishal Prasad says Fiji will likely cross the 500,000 visitor arrival mark by the of the year.
Westpac Fiji’s monthly publication Westpac Wave released this week, highlights that there was only about 145,723 visitors remaining to reach the forecast, that is, about 36,000 visitors per month for the remaining months.
With visitor arrivals from major source markets such as Australia,New Zealand and the United States gaining momentum, Mr Prasad predicts this development in the industry to augur well for the double-digit growth expected for the Fijian economy this year.
However the ongoing RussiaUkraine war and other related factors continue to fuel inflationary pressures globally and in Fiji and Mr Prasad said prolonged war and failure to reach are solution had darkened the outlook for the global economy as food and fuel prices continue to increase.
As such,he said Westpac Fiji now expected the Fijian economy to grow by 12.7 per cent in 2022, 0.2 percentage points lower than the 12.9 per cent growth anticipated earlier.
“We expect the economy to continue to grow by 9.5 per cent in 2023 and forecast a baseline growth of 5.0 per cent in 2024,” said Mr Prasad.