Creating Markets in Fiji : Overview and Summary of Key Findings from Sector Deep Dives - Country Private Sector Diagnostic
This Country Private Sector Diagnostic (CPSD) comes at a challenging yet opportune juncture for Fiji to rebuild a more diverse and resilient economy amid the lingering impacts of COVID-19. Fiji recorded its strongest period of gross domestic produc...
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| Language: | English en_US |
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World Bank, Washington, DC
2022
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| Online Access: | http://documents.worldbank.org/curated/en/099615008052237624/IDU0fb4b85730b530042bc09c9f081f2f1f799a4 http://hdl.handle.net/10986/37867 |
| Summary: | This Country Private Sector
Diagnostic (CPSD) comes at a challenging yet opportune
juncture for Fiji to rebuild a more diverse and resilient
economy amid the lingering impacts of COVID-19. Fiji
recorded its strongest period of gross domestic product
(GDP) growth (since achieving independence in 1970) in the
decade leading up to COVID-19, underpinned by rising
productivity and investment, improved political stability,
and a booming tourism sector. However, the shocks of
COVID-19 and a series of natural disasters, Tropical Cyclone
(TC) Harold and TC Yasa, have been devastating for Fiji’s
economy, bringing widespread production disruptions and job
losses. The increasing frequency of these weather events has
also complicated Fiji’s economic development strategy and
plans. Fiji’s real GDP declined by 15.2 percent in 2020 and
is estimated to have contracted a further 4.0 percent in
2021, with the long-term ramifications of the COVID-19
pandemic on the economy yet to be fully seen. These shocks
have also exacerbated some of Fiji’s long-standing
structural vulnerabilities, including the economy being
vulnerable to repeated climate-related shocks, its lack of
sectoral diversification, and sluggish private sector job
growth (particularly among youth and women). In this
context, the CPSD approach for Fiji to ‘build back better’
revolves around four key interrelated pillars: (1) unlocking
new sectoral sources of growth beyond tourism; (2)
strengthening economic and climate resilience; (3)
leveraging Fiji’s potential as an economic hub in the
Pacific region; and (4) creating inclusive employment opportunities. |
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