General | Feb 04 2006
Fiji remains a tropical paradise but economically the island nation is likely to face less than idyllic conditions over the next few years, according to a report by the Asian Development Bank.
In its “Country Strategy and Program Update” for 2006-2008 the bank suggests the country’s political instability has resulted in lower levels of investment when compared to other developing nations.
Its report suggests this lack of investment is one factor holding back growth, while external developments in the sugar and garment markets, Fiji’s major industries, were resulting in more difficult conditions and impacting on industry returns.
This is likely to lead to significant job losses in both industries, the bank suggesting other industries such as fishing, tourism and forestry will not be strong enough to make up the shortfall, so the outlook is for subdued growth in coming years.
