Fiji Time: 10:26 PM on Thursday 22 February

Fiji Times Logo

/ Front page / Archives » Article Index

NFP: GDP growth of 4.2pc not real

Mere Naleba
Monday, November 06, 2017

FIJI's economic growth projection of 4.2 per cent is not real.

That's the claim made by the National Federation Party (NFP) leader Professor Biman Prasad while responding to the forecasted economic growth projection of 4.2 per cent made by the Reserve Bank of Fiji last week.

RBF Governor Ariff Ali said the economy was expected to expand by 4.2 per cent this year, supported by a strong 3.6 per cent growth outlook for next year.

However, Prof Prasad claimed this was not real and the announcement was a case of political expediency.

He said the economic growth revised upwards from 3.8 per cent to 4.2 per cent belies economic weaknesses.

Prof Prasad said with Mr Ariff saying that economic growth was largely driven by public administration and defence, manufacturing, construction, wholesale and retail trade and finance and insurance sectors, the party questioned whether the new growth forecast was a true indicator as it contradicted broad economic weaknesses of the Fijian economy.

"For example, agriculture is not showing signs of improvement and remains lacklustre. The sugar industry remains in the doldrums," Prof Prasad said.

He said the ailing sugar industry could not support the livelihood of about 200,000 people, or more than 20 per cent of Fiji's population that depended on it.

"Unless and until an independent panel of experts review the economic forecast and GDP, forecasts coming out of the Reserve Bank will remain questionable," Prof Prasad said.

Mr Ali had said earlier that despite the expanding economy and trade deficit, the external sector, the overall balance of payments were projected to remain comfortable.

He said this was because of adequate support from tourism earnings, remittances and foreign financing of private and public sector projects.

Yesterday, Mr Ali said Prof Prasad was free to make comments.

"I have no comments. Prof Biman is entitled to make his comments on the state of the economy," Mr Ali said.








Fiji Times Front Page Thumbnail

Kaila Front Page ThumbnailFiji Times & Kaila Frontpage PDF Downloads

Use the free Acrobat Reader to view.

Westpac
Code Inward TTs Outward TTs
CAD 0.63400.6150
JPY 54.415451.4154
GBP 0.35770.3497
EUR 0.40670.3947
NZD 0.68870.6557
AUD 0.64290.6179
USD 0.50130.4843

from

$0.00

Exchange Rate updated on 22nd, February, 2018

Today's Most Read Stories

  1. Wheels for ex-PMs
  2. Police brutality claims
  3. Ministers and public transport
  4. 200 vehicles from China
  5. Farmer admitted to Bar after struggle
  6. NFP: No to coup
  7. Public 'sick and tired'
  8. Family homeless after fire
  9. Nasinu family homeless after fire
  10. Students receive access to internet

Top Stories this Week

  1. Long wait Monday (19 Feb)
  2. Plans to open caves for public viewing Monday (19 Feb)
  3. Wheels for ex-PMs Thursday (22 Feb)
  4. None like Gita Friday (16 Feb)
  5. Tears flow for eleven Wednesday (21 Feb)
  6. Masirewa scores biggest try Monday (19 Feb)
  7. Adi Meretui joins SODELPA camp Monday (19 Feb)
  8. Police brutality claims Thursday (22 Feb)
  9. Bitcoin rises above $20,175 Saturday (17 Feb)
  10. Sau's 7s aim Monday (19 Feb)