Fiji GDP down 9.7%: Reserve Bank
The Reserve Bank of Fiji reports that for the first nine months of the current fiscal year, Fiji’s government recorded a net deficit of F$905.0 million (-9.7% of GDP). Government expenditure ($2,256 million) almost
Economy
World Tuna Day: What does it mean for the Pacific?
Recent years have seen a power shift, with Pacific Islands Nations gaining greater control and revenue returns from their Tuna fisheries. This has been the result of cooperation and hard work. This article will show
Jobs, consumption, investment continue to be subdued:RBF
The Reserve Bank of Fiji says recent locally transmitted cases and containment measures will prolong already subdued economic activity in the country. The RBF’s April statement reports that visitor arrivals were
ADB predicts modest growth for Pacific economies this year
The Asian Development Bank expects Pacific Island economies to return to positive growth this year, although at different rates, and with a great deal riding on successful vaccine roll-outs. Pacific economies contracted
Tuvalu’s digital ambitions
By Dionisia Tabureguci Tuvalu has become the first country in the world to choose Bitcoin Satoshi Vision (BSV) blockchain to help it migrate to a fully digital economy, a move that may see it also adopt Bitcoin
Fiji’s PS Konrote resigns
The most senior civil servant in Fiji’s Ministry of Economy, Makereta Konrote, has resigned from the post. Konrote’s resignation comes at a critical time, as Fiji’s Minister of Economy remains in Singapore for
Fiji business briefs: Reserve Bank outlook, Fiji TV, childcare opportunity costs
The Reserve Bank of Fiji Governor says Fiji could see a marginal economic recovery if borders open towards the end of the year. Ariff Ali says economic recovery will depend on fiscal support provided by the government
Fiji jobs, lending, tax revenue down
The Reserve Bank of Fiji has released another series of sobering figures, and says the coronavirus pandemic shows little sign of abating going into 2021. The Bank has recorded declines in jobs, government tax revenue,
Fiji optimistic of growth as economic decline persists
Fiji’s central bank is projecting the country’s economic growth to climb back into positive territory next year, after revising this year’s historic contraction to negative 19 percent from an earlier estimate of
PNG economy, health hit hard
The impact of COVID-19 is accentuating trends that had already developed over the last decade, says University of Papua New Guinea lecturer in economics, Maholopa Laveil. He lists amongst these trends: “falling
Pacific Economic Ministers call for debt relief and donor flexibility
Pacific Islands Forum Economic Ministers are asking development partners to provide debt relief, and increase general budget support as island nations struggle with the economic impacts of coronavirus pandemic. At the
COVID-19, geopolitics and the Pacific Way – Dame Meg Taylor on the path out of our current crisis
The Pacific today faces three crises: a health crisis, an economic crisis and the ongoing climate crisis, and Pacific Islands Forum Economic Ministers will discuss all three when they meet (virtually) next week. As the
COVID poses added threat to economic growth and stability
The outbreak of Covid-19 in Papua New Guinea represents an added threat to economic growth and stability, given the country’s limited capacity to manage the health crisis, according to three global economic
Fiji confirms economic recession
The Reserve Bank of Fiji (RBF) has today confirmed Fiji’s sure path to an economic recession, as all sectors of the economy brace for the harsh impact of the current coronavirus pandemic. “Following almost a
Enough cash for next 12 months: FNPF
The Fiji National Provident Fund (FNPF) said it has enough cash to pay out to members who lose their jobs as a result of the COVID-19 pandemic’s impact on the Fijian economy. Amid growing concerns that the Fund is
Economy 2020: A rocky start
The Coronavirus outbreak, the Australian bushfires, continuing US-China geopolitical and trade tensions and damage caused by Tropical Cyclones Tino and Sarai have seen 2020 get off to a difficult start in our region.
What has trade protection done for PNG manufacturing?
2019 was meant to mark the end of the PNG government’s 20-year Tariff Reduction Program (TRP), introduced in 1999 and designed to reduce tariffs gradually to a uniform 10% across the different tariff categories. In
Focus on agriculture, World Bank tells PNG
Papua New Guinea has been advised to tweak its macroeconomic policy and throw more weight behind agriculture, as it has the potential to enable more diversified and inclusive development. The World Bank
Demand for green economy jobs
As climate change pushes focus of countries to transition to a green economy, many countries in Asia and the Pacific will experience a surplus of low-level skills increasing by 2020, revealed a specialist in environment
The new titanic challenge
Whether you live in a developed country or a developing one, imagine yourself on the grand Titanic ship that sank in 1912. The ice-berg that sank Titanic now eerily appears to be an anecdote to climate change. In the
Make land more accessible: IMF
Fiji urged to reopen credit bureau THE Fijian Government will need to improve its land lease processes if it has to create a business friendly environment for the private sector, says the International Monetary Fund.
ADB to loan Fiji $341.1m
Confidence in Fiji economy THE Asian Development Bank has earmarked $341.1million in firm and tentative investments between 2018-2020. The ADBs country operations plan for Fiji 2018-2020 reveals this funding will be
Using and misusing GDP
What the figures really say about Fiji’s economy IF Fiji’s Gross Domestic Product (GDP) is growing at 4 per cent per year, the public can normally conclude that this is “good for Fiji