Economic recovery

The Reserve Bank of Fiji (RBF) says our foreign reserves are expected to remain comfortable till end-2018. Picture: JOVESA NAISUA

The Reserve Bank of Fiji (RBF). Picture: JOVESA NAISUA/FT FILE

The central bank says domestic economy recovery this year remains contingent on the resumption of international travel and the pick-up in tourism activity locally, along with the level of fiscal support by the Government in the 2021-22 National Budget.

In its February economic review released today, the Reserve Bank of Fiji says the International Monetary Fund projected a 5.5 per cent expansion in global economic activity this year, in its January World Economic Outlook, however it adds that the recovery will be uneven as oil

exporters and tourism-based economies will continue to face pressures as scars from the crisis will be long-lasting.

Meanwhile the RBF also highlights that on the domestic front sectoral performances noted mixed outcomes in January compared with the same month a year ago, adding that visitor arrivals fell by a significant 98.5 per cent as international borders remain closed.

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