Fiji’s economic vulnerabilities were prominently highlighted in President Ratu Naiqama Lalabalavu’s recent address to Parliament. He expressed concerns over the country’s reliance on imports and its sensitivity to fluctuations in global markets. Although Fiji has made strides in recovering to pre-pandemic levels, the President identified a narrow economic base that poses challenges in controlling inflation and managing supply chain disruptions, particularly in critical sectors like petroleum.
To address these vulnerabilities, Ratu Naiqama called for an urgent need to diversify the economy. His administration is focused on proactive measures, leveraging foreign development assistance to implement major projects that will enhance funding flows through effective investments. Ratu Naiqama emphasized prioritizing growth in agriculture, tourism, and digital transformation as essential elements in broadening the economic base.
Moreover, the development of micro, small, and medium-sized enterprises (MSMEs) was underscored as pivotal in driving innovation and economic growth. The President pointed out that building robust infrastructure—covering roads, ports, and energy systems—would significantly enhance productivity and cultivate long-term resilience against economic disruptions.
Inclusivity was another vital theme in Ratu Naiqama’s address, as he stressed that prosperity must extend beyond mere economic metrics to encompass the well-being of vulnerable populations, including the elderly and low-income families. Strengthening social protection programs to ensure these groups have access to essential services has been identified as fundamental for fostering a just society.
The President also voiced concerns regarding external risks to Fiji’s economic stability, notably geopolitical tensions and climate change. Despite these challenges, he expressed optimism, stating that sustained reforms and fiscal discipline could enable Fiji to aim for growth rates as high as five percent.
Additionally, calls for institutional reform were made, with Ratu Naiqama advocating for a review of Fiji’s Constitution to reflect the evolving aspirations of the population, particularly in terms of fairness and inclusivity.
Fiji’s positive trajectory towards economic recovery, as discussed by Deputy Prime Minister and Minister of Finance, Professor Biman Prasad, mirrors Ratu Naiqama’s vision for the country. Prasad’s emphasis on the resilience of the domestic economy, supported by various positive trends, reinforces a hopeful outlook for Fiji amidst ongoing global economic uncertainties.
The collaborative efforts among government, private sector, and civil society will be vital in tackling Fiji’s economic challenges head-on and paving the path towards a more resilient and inclusive future for all its citizens.
Leave a comment