Fiji’s economic growth lowest among PICs

 Fiji’s economic growth was the lowest of all Pacific island countries in 2007, according to the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) in its annual publication, Economic and Social Survey of Asia and the Pacific.

Fiji’s 2007 growth statistics were measured at minus 3.9 per cent.

“The coup in Fiji in December 2006 created uncertainty, leading to declining tourist arrivals, worker layoffs, a fall in the wholesale and retail trades and a freeze on private-sector investment projects,” the Survey reported, but Gross Domestic Product (GDP) was expected to increase to 2.2 per cent in 2008. GDP is a measure of economic ‘health.’

The Economic and Social Survey for Asia and the Pacific 2008, which will be launched on Friday at J.J.’s banquet hall, reports that Pacific economies generally experienced “modest growth”, with individual countries benefiting from higher commodity prices, expanded tourism and construction, as well as spending on infrastructure.

However, growth in the Pacific island region still remains well below that of Asian countries.

The survey supported recommendations made for the privatisation of public and semi-public utilities to raise efficiencies. The survey also called for the liberalisation of Pacific telecommunications sectors, which could lower service costs and offset the effects of geographic isolation that Pacific island countries face.

The Economic and Social Survey of Asia and the Pacific 2008, is the flagship publication of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).

The survey is celebrating its 60th anniversary this year. Every year it examines the Asia-Pacific region’s key short and medium-term prospects and challenges in macroeconomic and selected social areas.

The survey also explores critical long-term development issues relevant to all developing countries in the region.

This year, the survey highlighted that chronic neglect of the region’s agricultural sector is condemning 218 million people (in Asia and the Pacific) to persistent poverty, and is widening the gap between the region’s rich and poor.