There is an increasing recognition of the necessity for deeper collaboration between academic researchers and policymakers to propel Fiji’s economic advancement. Professor Biman Prasad, the Deputy Prime Minister and Minister of Finance, emphasized this sentiment during his opening remarks at the recent 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 was designed to unite policymakers and economists with a focus on how evidence-based research can effectively inform policies to benefit Fiji and the wider Pacific region. Professor Prasad highlighted the critical role of translating research findings into actionable policies, asserting that while good politics and good economics do not always align, the intersection of research, policy, and political action is crucial. He underscored that the true value of academic research stems not just from its publication but from its ability to shape policies that lead to meaningful changes.
He commended the partnerships among the Reserve Bank of Fiji, APAEA, and ADBI, which he recognized as pivotal in instilling confidence regarding the country’s economic trajectory. Looking ahead, Mr. Prasad expressed a commitment to transforming Fiji into a high-income nation by 2050, stressing that achieving this ambitious goal demands a reevaluation of conventional implementation methods.
He further noted the essential relationship between monetary and fiscal policies in establishing a robust economic framework. He urged the conference participants to keep generating research that links economic theories with practical outcomes, ultimately leading to evidence-based policies that enhance the quality of life for the citizens of Fiji and its neighbors.
By fostering this dynamic collaboration, there is hope that Fiji can not only meet its economic aspirations but also elevate its position within the Pacific region—demonstrating how thoughtful research and policy-making can drive significant progress.
This highlights an important trend: the increasing reliance on data and research to guide decision-making at all levels. As Fiji continues on its path towards economic growth, the blend of academic insight and practical policy implementation could be the key to unlocking its potential.
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