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Forum Economic Ministers meet in Suva; region’s economic performance on the table

Forum Economic Ministers are meeting in Suva, Fiji, this week for their annual meeting to discuss the region’s economic performance in the last year.

The 2023 FEMM is an opportunity for Pacific Finance and Economic ministers to collectively discuss the key economic challenges facing the region given the current global volatility and the region’s shared vulnerability to external shocks and climate-induced disasters.

It is expected that ministers will also discuss the rising cost of living, heightened levels of public debt taken on during COVID-19, high unemployment, brain drain from labour mobility and other key development challenges, including access to sustainable financing mechanisms.

A statement from the Forum Islands Secretariat stated the FEMM meeting – themed ‘Our Pacific Way – Prosperity for All’ – connected the work of Economic Ministers in deepening regionalism by strengthening policy cohesion on agreed regional economic priorities, challenges, and opportunities, for the well-being of the Blue Pacific.

FEMM will also discuss an update on the 2050 Strategy Implementation Plan, continuing the impetus from their Vanuatu Ministerial in 2022, the statement said.

In the statement, Forum Secretary-General Henry Puna said the prosperity and wellbeing of the Pacific peoples were front and centre in the Ministers’ discussions this week in support of the 2050 Strategy Implementation Plan.

He said key to that was a planned Pacific Roadmap for Economic Development (PRED) to be developed to ensure that economic aspirations of the 2050 Strategy was achieved.

“This work will be a crucial in ensuring that our people benefit where it matters the most, and that they experience the impact and value of the Pacific 2050 Strategy. Our economic challenges are diverse and real, and the Economic Ministers have been clear that action must progress the commitments made when they gather,” Mr Puna said.

Forum Economic Ministers will engage with private sector, civil society leaders and youth building on a public-facing lecture event during their Suva sessions.