SUVA, March 6 (Xinhua) -- The latest World Bank economic review shows that Fiji made an impressive rebound after severe contractions in 2020 and 2021, with rising tourism, household consumption and remittances that bolstered growth.
In its latest Pacific Economic Update, the World Bank said Fiji's output surpassed pre-pandemic levels in 2023 despite a notable deceleration, with growth rates halving from 20 percent in 2022 to 8 percent in 2023, the Fiji Broadcasting Corporation news website reported on Wednesday.
As the economy recovered, fiscal policy shifted towards revenue-based fiscal consolidation to reduce the high level of debt accumulated during the pandemic.
After reaching its pre-pandemic Gross Domestic Product (GDP) levels in 2023, Fiji's growth is expected to normalize soon.
The trajectory of recovery is linked to the outlook for tourism in Fiji, according to the World Bank.
It said economic recovery will be crucial in supporting poverty reduction efforts in Fiji, as during the early stages of the COVID-19 pandemic, the poverty rate reached nearly 70 percent.
However, with a solid economic recovery, the World Bank said it is projected to return to the pre-pandemic level of 50 percent by 2024. ■
