Fiji is on track for significant economic recovery, as indicated in the latest Economic Outlook report by ANZ Bank. Economists Kishti Sen and Tom Kenny project a GDP growth of 2.6% next year, followed by an uptick to 2.8% in 2025, with promising acceleration anticipated by 2027. This forecast is particularly encouraging, given the apprehensions surrounding a deceleration in tourism figures from key markets, including Australia and New Zealand.
The report underscores that Fiji is likely to see stable growth without the risk of recession. However, it notes that the tourism sector has probably reached its peak contribution to the GDP, as visitor numbers have stabilized. This scenario emphasizes the necessity for diversifying the economy, especially through initiatives in non-dwelling construction. ANZ has reported a strong portfolio of investments in building approvals, indicating robust activity in this sector.
In addition to these economic trends, notable corporate changes are taking place in Fiji. Jessica Lal has been appointed as the new secretary of FijiCare Insurance, bringing extensive experience in legal matters. Meanwhile, Fiji Airways has enhanced its leadership team by appointing Anna Morris as Chief People Officer and Kamal Haer as Chief Sales and Marketing Officer. Their appointments are expected to improve employee engagement and marketing strategies significantly.
On the financial side, the Fiji National Provident Fund (FNPF) is making crucial adjustments to its housing withdrawal policy to better assist members in achieving home ownership. These changes allow greater withdrawal limits for repairs and construction, as well as support for ongoing building projects.
Moreover, the tourism sector is preparing for potential growth, highlighted by a partnership between Tourism Fiji and Mastercard for the forthcoming Tourism Super Week and Cruise Symposium. This initiative showcases a strong commitment to empowering local businesses and fostering innovative growth strategies within the industry.
Overall, these developments paint a picture of a resilient economic landscape in Fiji, coupled with a positive outlook for future growth. The ongoing diversification of investments and enhanced leadership across sectors reflect a proactive approach to sustaining economic momentum while creating new opportunities for the populace. As the tourism sector gradually recovers, Fiji’s multifaceted efforts across various industries are positioned to drive continued economic success.
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