A brand new report by the World Financial institution says Fiji was the strongest performing Pacific financial system in 2022, buoyed by a rebounding tourism sector GDP progress elevated to an estimated 15.1 per cent in 2022.
In keeping with the report – Pacific Financial Replace – Fiji is forecast to proceed a secure progress trajectory and see inflation fall as little as 2 per cent via 2023.
“After being severely hit by COVID-19, and tepid indicators of restoration in 2022, economies throughout the Pacific can count on progress in 2023, however for many individuals it won’t really feel like a return to pre-COVD-19 instances,” stated the World Financial institution’s lead economist for the Pacific, David Gould.
“After three years of financial contraction in Fiji, for instance, progress in 2022 is estimated to have climbed to fifteen per cent, but output is anticipated to stay under 2019 ranges till 2024.”
He stated the brand new report got here at a important juncture for Pacific Island international locations, including that closure of borders from 2020-22 throughout the pandemic had eased after dealing a extreme blow to the tourism-dependent economies of Fiji, Vanuatu, Samoa, Tonga, and Palau.
Nonetheless, he stated the area was now being buffeted by inflation and international financial uncertainty.
The report was launched this morning on the World Financial institution workplace in Suva.