High hopes for Fiji’s domestic economy to return to normal

A BROAD-BASED economic growth of 3.8 per cent and 3 per cent is anticipated for 2024 and 2025 respectively, says President Ratu Wiliame Katonivere.

Speaking in Parliament yesterday, Mr Katonivere said Fiji’s domestic economy would surely return to the pre-pandemic level based on the latest statistics available.

“Today our debt is around $9.9billion, equivalent to 75.6 per cent of gross domestic product (GDP) which is unsustainable for a small vulnerable country like ours,” he told the MPs.

“Despite Government’s emphasis on fiscal and debt sustainability, new global risks and existing challenges linked to climate change present significant potential risks to the medium-term macroeconomic forecast.

“Government is committed to strike a balance between rebuilding fiscal buffers and promoting growth by allocating sufficient resources to key priority sectors particularly the resource-based sectors.

“This means investing in robust and resilient infrastructure and enhancing social safety nets for the disadvantaged and low-income households.”

Ratu Wiliame said there were several priorities of Government, which included accelerating key structural reforms, enhancing efficiency in public service delivery, by reducing wastage, and executing public and private sector initiatives to foster growth in the short term.

“To strengthen public finance management, the Financial Management Act and related laws, regulations, instructions, are being reviewed to enhance transparency, accountability, and fiscal discipline.”

Today our debt is around $9.9billion, equivalent to 75.6 per cent of gross domestic product (GDP) which is unsustainable for a small vulnerable country like ours – Ratu Wiliame Katonivere