Economy to continue its recovery path: RBF
April 27, 2012 5:35 am
The country’s economy is expected to continue on its recovery path this year.
In its latest review the Reserve Bank of Fiji says while the two recent floods in the first quarter provided some temporary shock to the economy, the impact is likely to be two-fold.
The review states – on the downside, lost production from key flood affected sectors would be a drag on total output but this is expected to be offset by increased reconstruction and Government activities in its rehabilitation efforts.
Governor Barry Whiteside says positive development in the tourism and resource related sectors should support growth this year.
He says increased domestic credit to the private sector in the first three months of this year also augurs well for the economy going forward.
A moderate growth outlook for the international economy is now in place, following upward revisions to global growth by the International Monetary Fund earlier this month.