Fiji is urged to achieve an average annual growth rate of 5.7 percent to attain high-income status by the year 2050, as stated in the World Bank Group’s latest Fiji Growth and Jobs Report. The report emphasizes that job creation and workforce capability are essential for driving long-term economic transformation in the country.
Prime Minister and Acting Minister for Finance Sitiveni Rabuka describes the report as a pivotal moment for Fiji, noting that it provides a transparent evaluation and actionable guidance for formulating policies. “If we are serious about becoming a high-income country by 2050, we must decisively raise and sustain our growth performance,” Rabuka remarked.
The report lays out a comprehensive framework that includes recommendations for a sequenced and time-bound reform and investment program, complete with accountability measures to ensure effective delivery. It identifies five priority areas essential for maintaining sustainable growth: enhancing business operations, strengthening competition, promoting foreign direct investment, improving public health, and increasing women’s participation in the workforce.
Rabuka also highlighted the critical role of the World Bank Group’s support, which has included financing, policy advice, and assistance in recovering from the impacts of the COVID-19 pandemic. Armed with this new data, the government is poised to implement reforms that will foster better job creation, increase productivity, and secure robust economic growth for the future.
As Fiji takes these steps, the nation continues to demonstrate its commitment to transforming its economy and elevating the standard of living for its people, fostering a hopeful outlook for the years ahead.
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