Inia Seruiratu, the Leader of the Opposition, highlighted that Fiji experienced its strongest Gross Domestic Product growth in the decade leading up to COVID-19. This growth was fueled by rising productivity and investment, improved political stability, and a booming tourism sector.
Responding to the 2024-2025 National Budget as the Shadow Minister for Finance, Seruiratu discussed the severe impact of COVID-19 and a series of natural disasters on Fiji’s economy, leading to widespread production disruptions and job losses.
He emphasized that the increasing frequency of these weather events has further complicated Fiji’s development strategies and plans.
Seruiratu noted that Fiji’s real GDP declined by 15.2 percent in 2020 and is estimated to have contracted by another four percent in 2021. He indicated that the long-term economic effects of the COVID-19 pandemic are still unfolding.
He criticized the Minister for Finance for alleging that the Coalition Government inherited a large public debt and chaotic fiscal situation, calling these claims “nonsense.”
“Let’s refer to the data on record. Before 2012 our debt to GDP ratio hovered at around 50 percent. Between 2013 and 2019, our ratio was below 50 percent, reaching as low as 43 percent in 2015. There was a slight rise in 2016 due to TC Winston. We were managing very well until COVID-19,” Seruiratu stated.
“These are facts… and for the Minister for Finance to insinuate otherwise is misleading,” he added.
Seruiratu mentioned that nine years of contained debt to GDP ratio, along with consecutive economic growth, facilitated significant infrastructure investment. The support provided to Fiji Airways helped the country recover quickly from the effects of COVID-19.
He attributed the slow and steady growth implemented by the previous Government to significant transformations within Fiji, leading to substantial infrastructural development that continues to drive growth today.