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Fiji like other developing countries will continue to face economic problems, says the deputy vice-chancellor of the University of the South Pacific, Dr Esther Williams.
Williams made these comments at the 2010 Fiji Economic Update adding some of the problems have risen due to the management of resources from some time ago and some from the global financial crisis.
“Most of the Pacific Island countries are going through difficult economic times as a result of the global economic crisis and there are several challenges and opportunities for pacific island countries in the current climate,” she said.
Williams believes participation of academics, policy makers, private and social sectors together provide a good interface.
“Such dialogues provide the opportunity to assess and reflect and highlight the economic positions of the global economy as well as that of our regional countries and our own,” she said.
She said we are constantly reminded just how integrated all our economies are-bid and small; the huge diversity that exists: the huge challengers and the huge potential.
“While many countries have pursued sequenced reforms in the past, there is still much more to be done in the area of reform and the economic crisis provides yet another attempt to relook at those reforms that have been undertaken and take on new ones,” Williams added.
The basic principal that needs to be kept in mind she said is that economic reform means changing existing institutional arrangements to support better economic growth and development.
By Rachna Lal
