Fiji is on track to an improved re­covery against the backdrop of global economic chal­lenges, the central bank says.

Reserve Bank of Fiji deputy Gover­nor Petaia Tamara yesterday spoke about improved sentiments, and the need to continue to build on momen­tum.

Inflation was not expected to damp­en world trade efforts, while global tourism was forecast to rebound to pre-COVID level, Mr Tamara, said.

But a global recession in the next 12 months is almost inevitable, the Re­serve Bank of Fiji said in its presen­tation at the Construction Industry Council 2022 annual conference and tradeshow, at Warwick Fiji.

Mr Tamara said the construction sector mattered to economic perfor­mance.

Based on superannuation data, the construction industry employs 10,000, against the post COVID-19 fig­ure of 13,000.

Meanwhile, a moment of silence was observed at the opening of the Construction Industry Council’s 2022 annual conference and trade­show yesterday, as delegates paid tribute to the late Queen Elizabeth II for decades of service as head of the British Crown.

In another development, council president, Gordon Jenkins, said de­velopers were holding back on fur­thering investment interests in Fiji on account of 2022 being an election year.

“There is a hiatus at the moment as the industry awaits some direction with the national elections,” he told a room full of delegates from around the country.

Delegates were urged to bring in more industry members for the sake of strengthening numbers, and to synchronize industry efforts.

The two-day conference, which served as an educational and net­working effort for council members, was also encouraged to always have a contract in writing.

“The Construction Industry Coun­cil sells those contracts, available in Japanese, for Australia and New Zealand; not ones like the back of a cigarette pack that is easily tossed away,” Mr Jenkins said.

OHS

Occupational Health and Safety law, which he said was not followed in Fiji, was also addressed during the conference by New Zealand presenter, Jessica Van Slooten, of Fletcher Construction.

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