Finance Minister Professor Biman Prasad has announced significant improvements in the government’s economic fundamentals over the past two years. He reported that the economy is now considerably stronger than it was when the current administration took office.
Highlights of his statement include an impressive economic growth rate of 7.5 percent for 2023, with a more optimistic projection of 3.8 percent growth for 2024, surpassing earlier forecasts of 2.8 percent. Inflation has also seen a remarkable decline, dropping to 0.8 percent in November — the lowest it’s been in 16 months. Additionally, public debt has reduced to 75.4 percent of GDP as of October, down from 90.7 percent in the 2021-2022 period.
Professor Prasad attributed these advancements to policies such as increased minimum wages and heightened infrastructure investments, which have played a crucial role in stimulating economic growth. The tourism sector was also credited for aiding recovery, with a reported 6.5 percent increase in visitor numbers from January to October this year.
However, Opposition MP Premila Kumar raised concerns regarding whether these economic improvements are translating into tangible benefits for the everyday lives of Fijians. While she acknowledged the positive trends, Kumar questioned why, despite the growing economy, many citizens are still struggling with the high cost of living.
She emphasized the need for the government to focus on reducing the prices of essential goods and supporting small businesses, which she described as vital to the economy and crucial for the livelihoods of Fijians. Additionally, Kumar urged the government to implement stronger strategies to retain skilled workers and alleviate household expenses.
Overall, while the economic indicators show promise and growth, the challenge remains to ensure that these gains are felt by all members of society, particularly those facing financial difficulties. By addressing these concerns, the government may enhance the quality of life for its citizens and create a more equitable economic environment.
In summary, while Fiji’s economic recovery shows strong potential, the real measure of success will be in ensuring that all Fijians can benefit from these advancements. This presents an opportunity for the government to take decisive action that could bridge the gap between economic growth and the everyday experiences of its citizens.
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