Economic recovery – Process to be gradual

Economic recovery – Process to be gradual

Fiji Times 2 Feb 2021 – THE recovery of the domestic economy is anticipated to be gradual because of uncertainty surrounding the post-COVID-19 environment and the resulting new norm.

Recently the World Bank Group released it’s 2021-2024 Country Partnership Framework for Fiji which will look at two focus areas over the next four years — fostering private sector-led growth and inclusive economic opportunities — creating investment and business opportunities; more jobs; improved access to finance; boosting the tourism and agriculture sectors; as well as better infrastructure, digital services and more clean energy.

IFC resident representative in Fiji, Kiribati, Samoa, Tonga and Tuvalu, Deva De Silva said from the global experience they believed private sector solutions would be essential to help stimulate the economy and recover from the impacts of COVID-19 and natural disasters such as TC Harold and TC Yasa.

Mr De Silva said IFC assisted the Fijian government conduct a survey on the impact of the pandemic on Fijian businesses in May last year to be able to better understand the needs of the private sector to continue their operations.