Republic of Fiji: 2023 Article IV Consultation-Press Release; and Staff Report

Author: International Monetary Fund. Asia and Pacific Dept

Volume/Issue: Volume 2023 Issue 238

Publication date: June 2023

ISBN: 9798400247798

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Topics covered in this book

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Economics- Macroeconomics , Money and Monetary Policy , Public Finance , Business and Economics - Statistics , International - Economics , Business and Financial , maturity proceeds , relocation plan , climate plan , airline ticket sale , CPI data , Government finance statistics , Exchange restrictions , Global , Pacific Islands

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Summary

As a small island dependent on tourism, Fiji’s economy contracted sharply with the pandemic and then rebounded strongly in 2022, as tourism recovered with the reopening of international travel. Growth momentum is expected to continue in 2023, as tourist inflows approach pre-pandemic levels. The new government installed in December has committed to pursue economic reforms that promote inclusive growth and fiscal sustainability. Downside risks to the outlook stem from weaker growth in tourism-source countries, delayed recovery in hotel capacity, and exacerbated skilled labor shortages. Fiji remains vulnerable to external shocks related to natural disasters and climate change.