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Largest economic contraction on record projected for 2020: Fiji Reserve Bank
04:46 am GMT+12, 27/11/2020, Fiji

The Reserve Bank of Fiji (RBF) has projected that 2020 would note the largest economic contraction on records at -19 percent.
 
RBF Governor Ariff Ali says the recovery forecast next year is dependent on the reopening of borders and resumption of international travel.
 
RBF says the slump in global travel continues to affect the tourism and related industries and partial indicators for consumption spending, investment activities, and labour market conditions recorded annual contractions in the first ten months this year.
 
The sluggish economic activity, domestic credit has slowed and interest rates have declined owing to high levels of liquidity, which was around $856.5 million (US$412.1 million) as at Wednesday.
 
Under the current uncertainty, economic growth for 2021 is anticipated to range between 1.6 and 8 percent, while in 2022, growth is forecast to be between 5.2 and 8.7 percent.
 
RBF says annual inflation stayed negative at -2.9 percent in October and is forecast to be -3 percent by year-end.
 
Foreign reserves stand at around $2,194.1 million (US$1,055.72 million, sufficient to cover 7.3 months of retained imports.

SOURCE: FBC NEWS/PACNEWS


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