Fiji’s economy to grow by 6.3% in 2023: ADB

Suva, April 12 (IANS) Fiji’s economy will grow by 6.3 per cent this year, according to a new economic report released by the Asian Development Bank (ADB).

Regional Director of ADB’s Pacific Sub-Regional Office Aaron Batten said that tourism led a strong recovery in Fiji last year, boosted by visitors who stayed longer and spent more money in the island nation, which has a population of around 900,000, reports Xinhua news agency.

The report said that tourism will continue to be the main driver of the country’s economic growth, with moderate growth of 3.0 per cent projected for 2024, Fiji Broadcasting Corporation (FBC) reported on Wednesday.

Batten said that to maintain growth momentum and encourage diversification, Fiji will need to put in place proactive labour market policies to address rising shortages of semi-skilled and skilled workers.

Lower inflation is expected to be at 4.2 per cent this year and 3.5 per cent in 2024, in line with easing global commodity prices.

The ADB report said that the positive effects of government spending and a boost in tourism and remittances spilled over into transport, wholesale, and retail trade.

Early this year, Tourism Fiji, a tourism marketing arm of the government, launched a new brand campaign to attract more foreign visitors to the island nation.

The new brand campaign was themed “Where Happiness Comes Naturally”.

As part of the brand evolution, Tourism Fiji has announced five new travel pillars to develop and promote to foreign tourists, including the natural environment, adventurous experiences, community connections, recharge and reconnect, and food and drink.

Last year, Fiji received 636,312 foreign tourists, 71 per cent of 2019.

And this year, Tourism Fiji is anticipating more than 700,000 visitors.

–IANS

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