Fiji has experienced strong and sustained growth for the last nine consecutive years and on track for “a decade of positive economic growth”, says Attorney General and Minister for Economy, Aiyaz Sayed-Khaiyum.
“We are calling it the Bainimarama Boom,” says Sayed-Khaiyum while addressing the media in a recent budget training workshop in Suva.
“On average the economy has grown by 4.5 per cent since 2013, this is much stronger than our historical averages, excluding 2.6 per cent for 2016, growth is 4.9 per cent per year.
Sayed-Khaiyum adds that the economy is projected to grow by 2.7 per cent this year and around 3 per cent in the medium term.
“Debt to GDP ratio fell from 56.2 per cent of GDP in 2010 to 45.9 per cent at the end of July 2018. This shows decline of more than 10 per cent of GDP,” he says.
“Close to FJ$500 million spent on TC Winston, Keni and Jossie – Debt would have been around 5 per cent lower if we would not have been struck by these disasters.”
Sayed-Khaiyum says the Government will keep policies consistent but expenditure adjustments will be undertaken to build buffers, keeping in mind the slowdown in the global economy- US and China trade tensions, uncertainty on Brexit, recent geopolitical developments, global commodity prices, and developments in Fiji’s other major trading partners, Australia and New Zealand.