Fiji’s economy rebounding strongly: IMF

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Suva, May 23 | Fiji’s economy is rebounding strongly this year, and this is encouraging for a developing island nation, an International Monetary Fund (IMF) official said on Monday.

In his meeting with Governor of Reserve Bank of Fiji Ariff Ali earlier in the day, IMF Deputy Managing Director Li Bo said Fiji like all other nations will have to strategically deal with global inflation, reports Xinhua news agency.

Li said the rise in energy and food prices will affect ordinary Fijians if proper policies are not implemented.

He added that a combination policy is needed to deal with this kind of situation including fiscal policy and other public policy.

A lot of vulnerable people are impacted by this high price in food and energy.

“In this kind of situation, we think a targeted fiscal policy that will support the vulnerable group, we think it’s important.”

The fiscal policy needs to be designed properly to ensure it targets the right group without creating additional pressure on government debt, Li said, adding that the Fijian government will have to carefully consider balancing the two extremes.

Meanwhile, Aaron Batten, regional director of Asian Development Bank’s Subregional Office in Suva, said on Monday that Fiji has done tremendously well ever since re-opening its borders for international visitors last December.

The economic outlook for Fiji is strong and the surge in tourists coming back indicates Fiji’s economic revival, he added.

Fiji’s economy is expected to grow by 11.3 per cent this year.

Source: IANS

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Weekly Fundamental Market Outlook

Weekly Fundamental Market Outlook

Indian share market posted its first weekly gain in Jun by rising 2.7%.

This week, the Indian Stock Market rebounded strongly and ended with first weekly gain of 2.7% in June as a drop in commodity prices offered some relief from broadening inflationary pressures. Copper prices, which are often seen as a bellwether for economic output due to their wide range of industrial and construction uses, are heading for their worst week in a year, while oil prices have dropped over concerns of slumping demand.

While the US recessionary fears are still at the forefront, but the slide in commodity prices has lifted the mood of stock market.Cheaper oil is usually beneficial for oil-importing countries such as India.

Domestically, on sectorial basis, Auto and FMCG are the top gainers, while Metal index is the top losers. On stock basis, Hero MotoCorp, Eicher Motors, Hindustan Unilever, Maruti Suzuki and M&M were the top gainers and Tata steel, UPL, Reliance Industries, hindalco Inds and Coal India were the top losers.

In the next week, investors will keep a close eye on crude oil price movement, commodity prices, US economic activity and the geopolitical development.

 

Post Disclaimer by BhaskarLive.in

The information contained in this post is source form the news agency or PR agency. We do not take any responsibility of accuracy of information. We have not made any modification or changes in original source content. This information only for general information purposes only. The information is provided by BhaskarLive.in and while we Endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.

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