Fiji’s gross domestic product is not likely to return to pre-COVID levels until 2023.
This was the grim message from Attorney-General and Economy Minister Aiyaz Sayed-Khaiyum to Parliament yesterday while delivering a report on the state of the economy and Government’s financial position for the first six months of the 2020-2021 financial year.
Mr Sayed-Khaiyum said the Fijian economy suffered a $2 billion loss in GDP because of the once in a century COVID pandemic.
“We have recovered from a 10 figure hit to our GDP in the past, such as cyclone Winston. What makes this crisis more painful is its uncertain nature,” said the A-G.
“The length of border closures is extending into some of our more extreme forecasts.
“And the impacts of cyclones Yasa and Ana as well as other disasters – we’ve got one forecast now perhaps to come at Category 1 at this point in time – has dealt us devastating blows at a vulnerable time.
“Considering the damage done as well as the uncertainty ahead, our GDP isn’t likely to return to pre-COVID levels for at least the next three years.”
