Job Prospects Remain Positive: RBF Review
The Reserve Bank of Fiji’s Job Advertisement Survey revealed an annual increase of 7.8 per cent in the number of vacant positions advertised last year.
This was highlighted in the Reserve Bank of Fiji’s Economic review that was released yesterday.
Higher recruitment intentions were noted from the wholesale and retail trade, restaurants, hotels, community, social and personal services, transport, storage and communication and construction sectors.
“This was supported by the decline in unemployment rate as revealed by the recent census results. Going forward, employment prospects remain largely positive and are expected to be supported by the positive growth momentum,” the review stated. The global economy is projected to accelerate by 3.9 per cent, supported by an improved outlook for advanced economies. According to the International Monetary Fund’s January World Economic Outlook update, global growth for 2017 is estimated at 3.7 per cent.
Nonetheless, risks to the global growth are broadly balanced in the near term and skewed to the downside in the medium term as threats remain from higher inflationary pressures, build-up of financial vulnerabilities and the tightening of global financing terms.
The review stated that on the domestic front, sectoral performances were mixed but generally positive in 2017.
Below are few records stated in the review:
■ Visitor arrivals increased by 6.4 percent, reaching a new record high of 842,844 visitors in 2017, mainly due to higher tourist arrivals from New Zealand and the US
■ Electricity production rose while timber and gold production fell last year. However, these sectors are expected to rebound in 2018. ■ Consumption activity stayed firm in 2017 as suggested by various partial indicators. This is mainly due to favourable monetary and labour market conditions and higher disposable incomes.
■ New lending for consumption purposes rose annually in 2017, mainly due to higher disbursements to the wholesale, retail, hotel & restaurants sector. ■ Investment activity remained upbeat throughout 2017 as illustrated by partial indicators. ■ New lending by commercial banks for investment purposes rose on an annual basis in 2017, backed by growth in the real estate and building & construction sectors. In the same period, domestic cement sales rose at a slower pace and is expected to improve in the months ahead. Ongoing and new private sector projects, rehabilitation works post TC Winston and increased capital expenditure in the financial year 2017-18 National Budget are expected to support the 8.7 percent growth forecast for construction activity in 2018.