RBF Economic Review Vol 36 No 12
Global economic growth is expected to pick up to 3.4 percent in 2020 against an anticipated lackluster 3.0 percent expansion in 2019. Ongoing trade tensions
coupled with weak global demand have weighed on growth of major economies in 2019. Going forward,further escalation in United States (US)-China trade
war and an upswing in crude oil prices pose downside risks to global growth next year.
Commodity prices generally rose over the month in November due to higher demand for crude oil supported by some optimism in US-China trade deal.
The monthly increase in the FAO1 food price index was driven by higher prices of vegetable oils, meat and sugar.
The Fijian economy is expected to grow by 1.7 percent in 2020, from a 1.0 percent anticipated growth in 2019. The modest growth estimated for
2019 reflects subdued aggregate demand, mixed sectoral performances, weak business confidence and reduced fiscal stimulus.
Tourism remains positive as visitor arrivals rose by 3.5 percent cumulative to November, due to higher arrivals from
the US, New Zealand, Japan, Pacific Island Countries and Australia. In addition, tourism earnings grew by 3.7 percent to total $1,543.0 million
up to the third quarter of the year. In the 2019 crushing season, both cane (6.5%) and sugar production (5.3%) increased over the year.
Similarly, mahogany production rose significantly, while woodchips, pine wood, sawn timber and gold output fell in the year to November.
Full Report: Economic-Review-December-2019
