At a time when the world is either continuing its battle with COVID-19 or is slowly opening up, regional integration is most needed, says Minister for Commerce, Trade, Tourism and Transport Faiyaz Koya.
He said regional integration projects around the world could help countries jointly meet the challenges of COVID-19.
Speaking during the virtual Indo-Pacific Business Summit on Wednesday, Mr Koya said the crisis had tested everyone to their limits, forcing them to make hard decisions.
“However, I must say that this pandemic has also enabled us to adapt to new norms and perhaps even embrace and adopt new technologies, which now has become crucial in the road to recovery. We have experienced the largest contraction in the Gross Domestic Product (GDP).
“With the economic lifeline of tourism and service sectors ruptured, most of us have experienced unprecedented double-digit contractions in GDP.
“The lasting ramifications of the COVID-19 pandemic have created a huge financing shortfall within our economies,” he said.
He added that the pressure on our expenditure was mounting under the economic crunch of the pandemic, adding that the urgent question that needed to be addressed today was how to stop that devastation from permanently scarring our development.
According to Mr Koya for the first quarter of 2021, destinations around the world welcomed 180 million fewer international arrivals compared with the first quarter of last year.
However, Asia and the Pacific continued to suffer the lowest levels of activity with a 94 per cent drop in international arrivals over the three-month period.
“The Fijian economy is forecasted to decline by another 4.1 per cent this year, following the 15.7 per cent decline in 2020.
“Our recovery is heavily dependent on vaccination of at least 80 per cent of the targeted population.
“We all need to adapt and allow for change to lead the way we work and live.
“As governments we have to develop innovative policies and strategies that will allow business recovery and people to continue earning a livelihood.”
