World News | Fiji Upgrades Economic Growth Forecast for 2022
Get latest articles and stories on World at LatestLY. Fiji upgraded its economic growth forecast for 2022 on Tuesday, as the island country's economy is on the path to recovery after being severely affected by the COVID-19 pandemic in the past two years.
Suva [Fiji], June 28 (ANI/Xinhua): Fiji upgraded its economic growth forecast for 2022 on Tuesday, as the island country's economy is on the path to recovery after being severely affected by the COVID-19 pandemic in the past two years.
Fiji's economy is now expected to grow by 12.4 per cent this year, up from the 11.3 per cent growth envisaged earlier.
According to a statement by the Reserve Bank of Fiji (RBF), Fiji's economic recovery is fuelled mainly by the resumption of international tourism and the significant easing of pandemic-related restrictions.
Combined with the stronger-than-expected recovery in a number of other economic indicators observed to date and generally positive feedback from major stakeholders, Fiji's Macroeconomic Committee has upgraded the economic growth forecast for 2022, said the statement.
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The Fijian economy contracted 15.2 per cent in 2020 and 4.1 perc ent in 2021 respectively. (ANI/Xinhua)
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