SUVA, June 28 (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 percent this year, up from the 11.3 percent 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.
The Fijian economy contracted 15.2 percent in 2020 and 4.1 percent in 2021 respectively. ■