Fiji is set to witness a resurgence in its economic growth, as outlined in the latest Economic Outlook report from ANZ Bank. Economists Kishti Sen and Tom Kenny project that after a predicted GDP growth of 2.6% next year, Fiji’s economy will bounce back with a growth rate of 2.8% in 2025 and further accelerate by 2027. This optimistic perspective comes despite concerns regarding a slowdown in tourism growth from its major markets, Australia and New Zealand.
The ANZ report highlights that while Fiji is poised for stable growth without the threat of recession, the tourism sector has likely peaked in its contribution to GDP. Visitor arrivals have reached a plateau, which presents a challenge for attracting further tourists. In this context, the focus shifts towards bolstering other areas of the economy, such as the non-dwelling construction sector. ANZ notes a robust pipeline of investments in building approvals, signaling strong activity in this area.
Additionally, recent developments in the corporate sector support Fiji’s evolving economic landscape. Jessica Lal has been appointed secretary of FijiCare Insurance, bringing considerable experience in legal affairs, while Fiji Airways has made significant strides in diversity by appointing Anna Morris as Chief People Officer and Kamal Haer as Chief Sales and Marketing Officer. Their leadership is expected to drive substantial advancements in employee engagement and marketing strategies, respectively.
On the financial front, the Fiji National Provident Fund (FNPF) is implementing vital changes to its housing withdrawal policy, designed to enhance support for members seeking home ownership. These reforms include allowing completion assistance for ongoing construction and increasing the limits on withdrawals for repairs and construction.
Furthermore, the tourism industry is gearing up for growth, exemplified by the partnership between Tourism Fiji and Mastercard as sponsors of the upcoming Tourism Super Week and Cruise Symposium. This collaboration emphasizes a commitment to uplifting local businesses and driving innovative growth strategies in the sector.
Collectively, these developments illustrate a resilient and adaptive economic environment in Fiji, with a hopeful outlook for future growth spurred by investment diversification and enhanced leadership within key sectors. As the tourism landscape continues to recover, Fiji’s efforts across various industries showcase a commitment to sustaining economic momentum and creating opportunities for its citizens.
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