Steady growth in Fiji economy - Solomon Star News

Steady growth in Fiji economy

18 January 2016

THE Fijian economy is at its peak with a low expectancy of a downturn in the next few years.

Minister for Industry, Trade and Tourism, Faiyaz Koya said the country experienced a fantastic growth over the past few years.

"The economy has been having a slow steady growth and there is not going to be a downturn for the next few years," he said.

"Fiji has proved over the years that it can sustain its economy."

When asked whether the slump in sugar prices would affect the economy, Mr Koya said Government had placed strategies to address the slump in sugar prices.

"Government is actively pursuing more sugar markets apart from the EU markets that it used to do trade with.

"Canefarmers have been urged to grow more cane and farmers around the country have been performing well in terms of cane production.

"Here in the North particularly we have been having a healthy response from farmers' productivity."

Meanwhile, a World Bank report recently stated that Fiji is expected to downgrade its economic growth from an estimated 4 per cent last year to 3.5 per cent growth this year.

Data provided in the bank's January 2016 Global Economic Prospects noted a further drop to 3.1 per cent forecasted in 2017 and 3 per cent for 2018.

It highlighted an anemic recovery in emerging markets to weigh heavily on global growth in 2016 and a global economy to accelerate modestly to 2.9 per cent.