Fiji’s economy in serious decline
The Fiji Economy will collapse if the military regime”s mismanagement continues.
The economy is in serious decline. Economic growth during 2001-2006 averaged around 3% of GDP. In 2007. the first year of the Regime, the economy contracted by a massive -6.6% of GDP. The forecast for 2008 was a growth of 1.2% of GDP but this was revised downwards to 0.2% of GDP. It is possible that the final figure could be another negative growth. The forecast for 2009 was a positive growth of around 2% of GDP. The latest forecast is another contraction by at least -1.0% of GDP.
Fiji”s precarious economic situation can be attributed directly to the coup of December,2006 and the continuing mismanagement and abuse by the military dictatorship. The adverse impact of the global recession has been felt only from late 2008. Our economic woes will continue to worsen with the current illegal administration.
With the overall contraction of the economy during the 3 years 2007-2009(-8% of GDP cumulative) the effects have been devastating and some of these are :
. Loss of thousands of jobs
. Reduced salaries and wages
. Increased poverty
. High inflation
. Increased food prices etc:
. Increased rate of violent crimes
. Forced retirement of civil servants.
These problems are likely to deteriorate further as the economy continues to decline.
With an overall negative growth of -8% of GDP during the 3years from 2007, and with no sign of recovery yet, it will take between 5 to 10 years for the Fiji economy to be restored to its 2006 pre- coup level.
This is a big blow to our beloved Fiji and its people so people beware !!
So long as the military regime continues to rule our country we can expect more hardships and sufferings. The worst is yet to come.
fijigovernorreservebank
It’s so sad to see the future of Fiji’s Children, being flushed down the toilet by these treasonous bastards !
lastpolarbear
August 20, 2009 at 1:33 am
Predicted
talei2
August 20, 2009 at 4:49 am
Fiji National provident Fund could not save Colonial Bank
FNPF is running on empty
talei2
August 20, 2009 at 5:26 am
I am begining to see some light at the end of the tunnel for the Kai Viti. The pretext of dismantling the Fijian system is just a smoke screen that is causing a lot of apprehension to a lot of Kai Viti. Even though the colonial monoliths such as the GCC, Annual Church Conference to name the two most important ones and others that may follow had been removed, we are still occupying, thriving and enjoying the sunshine and blessings under the lands in which we were created and were handed down to our fore fathers. Praise be to God
latinidaveta
August 20, 2009 at 5:57 am
I’ve just returned from a tree week trip to Fiji. I heard talk of the dire economy etc. and how the people were suffering. In a supermarket, the price for a regular can of mackerel was $2.81; a kilo of mutton chops was $14.00. Diesel was $1.58 litre and regular gas at $1.98.
Yet, people were driving around in some of the most expensive cars in the world. There were Mercedes, BMW, Hummer,Dodge, Jaguar, Volvo etc.
When I mentioned that to a lady at the Suva market, she simply said “The ‘haves’ have, and the ‘have nots’ do not have”.
One thing that has not changed from pre-200 times is the amount of idle land unused by their owners. We have a standing joke when people ask about land in Fiji – “On the largest islands, much land was returned to the native owners when the tenants leases expired. Much of that land has not been utilized effectively and remain idle. The para grass has grown so high that even the cattle are afraid to graze there”.
All joking aside, the life of the people, community and nation lies in the land. Not everyone can work in the various industries and/or businesses, but almost everyone can make a living from the land and the natural resources that Fiji is blessed with.
This is a good time to revive the co-operative movement throughout the rural areas and outer islands. Improve training and demand accountability so the various entities can operate efficiently and effectively.
kosakosa
August 20, 2009 at 9:45 pm