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Fiji’s Economy Grows 6.3% in 2023: Asian Development Bank


SUVA, April 12 (IANS) Fiji’s economy will grow by 6.3 percent this year, according to a new economic report from the Asian Development Bank (ADB).

Tourism led a strong rebound in Fiji last year, buoyed by visitors who stayed longer and spent more money in the island nation, which has a population of nearly 900,000, said Aaron Patten, regional director of the Asian Development Bank’s Pacific Subregional Office. , according to the Xinhua News Agency. .

The report said tourism will continue to be the main driver of the country’s economic growth, with a moderate growth of 3.0 percent expected for 2024, Fiji Broadcasting Corporation (FBC) reported on Wednesday.

To maintain growth momentum and encourage diversification, Patten said, Fiji will need to put in place proactive labor market policies to address the growing shortage of semi-skilled and skilled workers.

Subdued inflation is expected to be 4.2 percent this year and 3.5 percent in 2024, in line with lower global commodity prices.

The Asian Development Bank report said that the positive effects of government spending, increased tourism and remittances extended to transport, wholesale and retail trade.

Early this year, Tourism Fiji, the tourism marketing arm of the government, launched a new brand campaign to attract more foreign visitors to the island nation.

The brand’s new campaign was themed “Where Happiness Comes Naturally”.

As part of the brand’s evolution, Tourism Fiji has announced five new travel pillars to develop and promote foreign tourists, including Natural Environment, Adventure Experiences, Community Connections, Recharge and Reconnect, and Food and Beverage.

Last year, Fiji received 636,312 foreign tourists, up 71 percent from 2019.

This year, the Fiji Tourism Authority expects more than 700,000 visitors.

– Jans


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