WHILE the economy is bouncing back faster than expected, Deputy Prime Minister and Finance Minister Professor Biman Prasad says high interest rates on the international scene could have an impact on Fiji.
“As I have said, our economy is recovering faster than we had expected and is now projected to grow by around 8 percent this year,” he said while delivering the 2023-2024 National Budget in Parliament this morning.
“Given the trends we are seeing, growth may be even higher. Not everything is ideal.
“Higher interest rates threaten the global economy.
“This also puts pressure on us and the interest we may have to pay on our loans from offshore.
“It may also put pressure on our exchange rates, making imports more expensive.
“The economies of Australia and New Zealand appear to be slowing.
“So we will review our projections later this year when we have more concrete statistics available with us.”
