Bridging the Gap: How Research Can Transform Fiji’s Economic Future

Deputy Prime Minister and Finance Minister Professor Biman Prasad emphasized the critical need for enhanced collaboration between academic researchers and policymakers to foster economic growth in Fiji. His remarks were made during the opening of the 3rd Reserve Bank of Fiji, Asian Development Bank Institute (ADBI), and Asia Pacific Applied Economics Association (APAEA) Conference held at the Grand Pacific Hotel in Suva.

The conference served as a platform for economists and policymakers to discuss how evidence-based research can inform and shape effective policy-making in Fiji and the broader Pacific region. Professor Prasad highlighted the necessity of translating academic findings into practical policies. He stated, “Good politics is not necessarily good policy, and good policy is not necessarily good economics. The intersection of research, policy, and politics is crucial.” He articulated the importance of academic research not just in terms of publications, but as a means to influence policies that lead to meaningful changes.

The Deputy Prime Minister commended the partnership among the Reserve Bank of Fiji, APAEA, and ADBI, recognizing its role in enhancing confidence in Fiji’s economic trajectory. Furthermore, he reaffirmed Fiji’s ambition to achieve high-income status by 2050, stressing that this goal requires a reevaluation of traditional implementation methods.

Addressing the audience, he underscored the fundamental relationship between monetary and fiscal policy within the economic framework and encouraged continued research that bridges economic theory with practical solutions. The aim is to produce comprehensive, evidence-based policies that would improve the livelihoods of people in Fiji and the region.

This initiative demonstrates a promising direction for Fiji, as stronger ties between academic research and policy-making could lead to innovative solutions that drive sustainable growth and improve overall quality of life. By leveraging academic insight and practical application, Fiji can enhance its economic prospects and achieve its ambitious goals for the future.

In summary, Professor Prasad’s call for collaboration at the conference underscores the essential role of research in policy formation, a crucial step towards realizing Fiji’s vision of transformative economic progress.