Leader of the Opposition Inia Seruiratu stated that Fiji experienced its most significant period of Gross Domestic Product growth in the decade before COVID-19, driven by increased productivity and investment, enhanced political stability, and a thriving tourism sector.
While addressing the 2024-2025 National Budget as the Shadow Minister for Finance, Seruiratu highlighted that the COVID-19 pandemic and a series of natural disasters severely impacted Fiji’s economy, leading to widespread production disruptions and job losses.
Seruiratu pointed out that the rising frequency of these weather events has further complicated Fiji’s development strategies and plans.
According to Seruiratu, Fiji’s real GDP declined by 15.2 percent in 2020 and was estimated to have contracted by an additional four percent in 2021. He mentioned that the long-term effects of the COVID-19 pandemic on the economy are still unfolding.
Seruiratu criticized the Minister for Finance for claiming that the Coalition Government inherited a large public debt and a chaotic fiscal situation.
“This is nonsense.”
“Let’s refer to the data on record. Before 2012, our debt to GDP ratio was around 50 percent. Between 2013 and 2019, our ratio was below 50 percent, coming down to as low as 43 percent in 2015. There was a slight rise in 2016 due to TC Winston. We were managing well until the advent of COVID-19,” Seruiratu said.
“These are facts, and for the Minister for Finance to insinuate otherwise is misleading,” he added.
Seruiratu emphasized that the nine years of contained debt to GDP ratio, combined with consecutive economic growth, facilitated significant infrastructure investments. The support provided to Fiji Airways played a critical role in enabling Fiji to recover quickly from the effects of COVID-19.
He asserted that the slow and steady growth established by the previous Government led to massive transformations in Fiji.
Seruiratu concluded that this resulted in substantial infrastructural development that continues to drive growth today.