The Fijian economy is currently in a strong position, as indicated by Defence Minister Pio Tikoduadua during the National Federation Party’s annual general meeting. He acknowledged the challenges faced by the Coalition Government since taking over during a period of economic decline. Tikoduadua credited this positive shift largely to the efforts of Finance Minister Professor Biman Prasad, who has managed to navigate complex fiscal issues, including an inherited debt of $10 billion from the previous administration.
Tikoduadua stated, “While many people may perceive otherwise, at the macro level, the Fijian economy is doing well.” He highlighted the government’s ongoing commitment to improving living standards, which is vital to maintaining public morale as they balance economic growth with addressing everyday financial struggles faced by citizens.
This sentiment mirrors Professor Prasad’s previous remarks regarding the government’s strategies to ensure economic sustainability. For instance, he reported a notable economic growth of 7.5 percent in 2023, with projections suggesting that this growth will moderate to 3.8 percent in 2024. Additionally, Prasad has made significant strides in reducing the debt-to-GDP ratio, which has decreased from 90 percent to about 78 percent, indicating progress in fiscal stability.
Moreover, the Coalition Government’s commitment to improving living conditions is reflected in plans to enhance essential services and infrastructure, emphasizing a long-term vision outlined in the National Development Plan. This plan aspires to transition Fiji from a middle-income to a wealth-driven economy over the next 25 to 30 years.
Overall, optimism is prevalent within the government as it seeks to engage with various sectors of society, promising a brighter economic future for the nation. Building on this foundation, the government is aiming to foster an inclusive environment that empowers all Fijians to share in the country’s economic successes.
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