Economic growth forecast likely to increase
April 1, 2015 5:21 am
The Reserve Bank of Fiji says its forecast for economic growth for 2014 and this year will likely be revised upward.
Governor Barry Whiteside says they will release the new figures after their macro-committee meeting next week.
Whiteside says economic growth for last year looks better than the earlier forecast of 4.2%.
For this year, the Bank had forecast a 4% economic growth in last year… but the figure that will be released next week is expected to be slightly upwards.
Whiteside says the growth is in response to what is being happening in the investment sphere.
“You might have noticed that investment has really be strong over the last 3 years and investment over the last 2 years in particular from our local business people – they have been investing in buildings, plant and machinery and the like. After elections we are hopeful and a lot of investment will come from overseas and we are seeing some of that coming in through now. Consumption activity is very important as well – so incentives given by government towards both have contributed towards this.”
Whiteside says with the current indicators given this year Fiji would have 3 years in excess of 4% economic growth.