Fiji upgraded its economic growth forecast for 2022 on Tuesday, as the island country’s economy is on the path to recovery after being severely affected by the COVID-19 pandemic in the past two years.
(Representational Image; Source: iStock)
Fiji upgraded its economic growth forecast for 2022 on Tuesday, as the island country’s economy is on the path to recovery after being severely affected by the COVID-19 pandemic in the past two years.
Fiji’s economy is now expected to grow by 12.4 per cent this year, up from the 11.3 per cent growth envisaged earlier. According to a statement by the Reserve Bank of Fiji (RBF), Fiji’s economic recovery is fuelled mainly by the resumption of international tourism and the significant easing of pandemic-related restrictions.
Combined with the stronger-than-expected recovery in a number of other economic indicators observed to date and generally positive feedback from major stakeholders, Fiji’s Macroeconomic Committee has upgraded the economic growth forecast for 2022, said the statement.
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The Fijian economy contracted 15.2 per cent in 2020 and 4.1 percent in 2021 respectively.
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