Fiji Economic Projections Strong For This Year

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Growth rate is 4.3%, investment up to 26% of GDP

By Shayal Devi

SUVA, Fiji (Fiji Times, Aug. 21, 2015) – The Reserve Bank of Fiji is expecting investment in the country to be in excess of 26 per cent of GDP this year.

Speaking at the opening of the BRED Bank Nadi branch on Wednesday, Governor Barry Whiteside said the private sector was driving this investment.

"We are grateful that the private sector is taking the challenge," Mr Whiteside said.

"We are starting to see investment flowing from overseas as well.

"In the past three years, the bulk of it (investments) would have been from our local investment sector."

He said the growth of the Fijian economy was looking up as well.

"We have forecast a growth rate of 4.3 per cent for this year," Mr Whiteside said.

"We will keep a watch on it and do what we have to do."

Meanwhile, Mr Whiteside also commended BRED Bank on its competitive ability.

He said they were particularly impressed with the bank's involvement with the small and medium-sized enterprise sector.

[PIR editor’s note: Fiji Times reported that ‘French banking chain BRED Bank Group has invested an additional $20million (US$9.4 million) in capital for its establishment in Fiji. ... This was announced by Bred Bank Group CEO Olivier Klein during the opening of the bank's branch in Nadi on Wednesday night. ... According to Mr Klein, the capital increase would further strengthen the financial structure of the bank and enable it to pursue its strategy over the long run.’]

"They are under our radar. They are part of the six banks we now have in Fiji and we feel we have a good set of banks to go forward with.

"There is a lot of liquidity in the economy and there is a lot of drive coming through from the businessmen in the country."

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