Egg Face In Six Months
Fiji’s growth forecast is flawed, local businessman Mike Towler said yesterday, amid revelation that economic growth for 2024 was expected to hover around 3.8 per cent.
Thursday 06 July 2023 | 13:00
Fiji’s growth forecast is flawed, local businessman Mike Towler said yesterday, amid revelation that economic growth for 2024 was expected to hover around 3.8 per cent.
“They have not factored in the economic decline in our two major trading partners,” he told SunBiz.
“They will have major egg on their faces in six months’ time when they will need to revise their forecast downwards.
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“Statistically, Fiji is missing what’s happening around it.”
The 3.8 per cent economic growth forecast for 2024 should herald a warning to prepare for the country’s lowest growth trajectory in the consecutive past five years.
According to KPMG’s key economic outlook indicators, economic growth for 2023 was eight per cent, while provisional data for 2022 was 18.6, 5.2 per cent in 2021 and 17 per cent in 2020.
From 128,800 tonnes of exports this year, to 136,7000 next year, sugar has some way to go to catch up to 2020 data.
Gold exports though is projected to grow by 34 per cent from $72.2 million this year to $110 million next year, marking the largest growth for a single economic commodity.
Story By: Frederica Elbourne
Feedback: frederica.elbourne@fijisun.com.fj
