The Fiji economy is projected to grow by 3.8 percent in 2024, a notable increase from the 2.8 percent forecasted in June of this year. This update was announced by Ariff Ali, the Chairman of the Macroeconomic Committee and Governor of the Reserve Bank of Fiji.
The revision reflects significant improvements in various economic indicators observed since the middle of the year. A key factor contributing to this positive outlook is the surge in visitor arrivals, which have risen by 6.3 percent year-over-year as of September, nearly doubling the previous estimates.
Increased consumer spending, bolstered by higher incomes, remittances, tourism demands, elevated government spending, and new lending activity, has also played a crucial role in fostering this growth. Furthermore, expectations for 2025 have also been adjusted upwards, with growth now estimated at 3.4 percent, up from an earlier prediction of 3.0 percent.
This optimistic forecast serves as a beacon of hope for the Fijian economy, indicating resilience and the potential for sustained growth in the coming years. With the tourism sector bouncing back and consumer confidence rising, the future looks promising for Fiji.
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