There is a pressing need for enhanced collaboration between academic researchers and policymakers to stimulate Fiji’s economic growth, according to Deputy Prime Minister and Minister of Finance, Professor Biman Prasad. His remarks were delivered during the opening of the 3rd Reserve Bank of Fiji – Asian Development Bank Institute (ADBI) and Asia Pacific Applied Economics Association (APAEA) Conference at the Grand Pacific Hotel in Suva.
The event united policymakers and economists to discuss how research grounded in evidence can shape effective policies for Fiji and the broader Pacific region. Professor Prasad emphasized the significance of transforming academic findings into practical policies that contribute to tangible improvements in society. He stated, “Good politics is not necessarily good policy, and good policy is not necessarily good economics, but the intersection of research, policy, and politics is crucial.” He further noted that the true value of academic research extends beyond publishing; it lies in its potential to influence policy decisions.
The Deputy Prime Minister recognized the collaborative efforts among the Reserve Bank of Fiji, APAEA, and ADBI, highlighting that such partnerships have fostered confidence in the nation’s economic direction. He pointed out Fiji’s aspiration to achieve high-income status by 2050, advocating for a reevaluation of traditional implementation strategies to meet this ambitious goal. He commented on the importance of the connection between monetary and fiscal policy within the country’s economic framework.
Professor Prasad encouraged delegates to persist in producing research that links economic theory to real-world applications, ultimately leading to an emergence of evidence-based policies that would enhance the quality of life for people in Fiji and the region.
This conference presents an encouraging platform for the bridging of gaps between research and policy-making, paving the way for innovative solutions that could drive sustainable economic development in Fiji. The collaborative spirit illustrated at the conference may foster a promising future, where academic insights and practical policies work hand-in-hand for the betterment of society.
Overall, this event highlights a positive initiative towards forging a stronger relationship between academia and practical governance, which is often essential for addressing complex economic issues.
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