Fiji GDP growth expected to remain above-trend: World Bank
12 April, 2018, 4:57 pm
Update: 4:57PM FIJI’S gross domestic product (GDP) growth is expected to remain above-trend, moderating to 3.5 per cent in 2018 and around 3.0 – 3.5 per cent in the medium term, in line with potential growth.
This was the growth outlook forecast by the World Bank in its latest flagship report titled ‘East Asia and Pacific Economic Update April 2018: Enhancing Potential’ that was released this week.
According to the report, GDP growth is estimated to have accelerated to 3.8 per cent in 2017 from the sharp slowdown in 2016 in the wake of Severe Tropical Cyclone Winston in 2016 (0.4 per cent).
The growth was underpinned by reconstruction activities, tourism, and recovery in the agriculture sector – a critical source of livelihood for many Fijians affected by the cyclone.
Meanwhile, the bank has also warned several potential upside risks which include the lower-than-expected import commodity prices and stronger-than-expected tourism because of the introduction of three flights a week to Japan from July 2018.
More in tomorrow’s The Fiji Times.