Fiji is expected to get back to pre-pandemic gross domestic product (GDP) levels by 2024, says Governor of the Reserve Bank of Fiji Ariff Ali.
He said this while speaking at the recent virtual 55th Asian Development Bank Annual Meeting.
“For a small open economy reliant on tourism there is permanent scarring from this crisis,” he said.
“We only expect to get back to pre-pandemic level of real GDP by 2024 and the crisis has eroded our fiscal buffers.
“Therefore, the road ahead remains challenging as just after the two pandemic we were also bombarded with the inflation crisis like the rest of the world.
“The current spate of destructive and Ali. climate change induced adverse weather events across the globe is also a cause for concern as Fiji itself is vulnerable to the effects of climate change.”
Mr Ali said Fiji was also susceptible to the negative contagion effects on food and energy prices that could be triggered by these events.
“I am happy to announce that Fiji is now on course to economic recovery after we opened our international borders in December last year.
“This year we are projecting a vigorous economic rebound of 12.4 per cent supported largely by the tourism sector.
“We expect visitor arrivals to reach just over 50 per cent of the 2019 level this year and the successful resumption of tourism activity has helped thousands of Fijians to get back to employment and has helped many small businesses come out of hibernation.”
