Leader of the Opposition Inia Seruiratu has highlighted that Fiji experienced its most robust period of Gross Domestic Product (GDP) growth in the decade preceding the COVID-19 pandemic. This growth was fueled by increasing productivity, rising investment, improved political stability, and a thriving tourism sector.
In his response to the 2024-2025 National Budget as the Shadow Minister for Finance, Seruiratu emphasized that the COVID-19 pandemic and a series of natural disasters have severely impacted Fiji’s economy. These events have caused widespread production disruptions and job losses.
Seruiratu pointed out that the rising frequency of extreme weather events has further complicated Fiji’s development strategies and plans. He noted that Fiji’s real GDP declined by 15.2 percent in 2020 and an additional estimated four percent in 2021, with the long-term economic effects of the COVID-19 pandemic still unfolding.
Seruiratu criticized the Minister for Finance for asserting that the Coalition Government inherited a large public debt and a 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, dropping to as low as 43 percent in 2015. There was a slight rise in 2016 due to Cyclone Winston. We managed very well until COVID-19 appeared,” he said.
“These are facts, and for the Minister for Finance to suggest otherwise is misleading,” he added.
Seruiratu asserted that the nine years of maintaining a contained debt to GDP ratio, combined with consecutive economic growth, enabled substantial investment in infrastructure. He noted that the support provided to Fiji Airways helped the country recover quickly from the effects of COVID-19.
He stated that the gradual and steady growth facilitated by the previous Government led to significant transformations in Fiji. Seruiratu added that this resulted in extensive infrastructure development that continues to drive growth today.