The decline of Fiji’s sugar industry and effects of the global economic crisis have led to a 3 percent contraction in the country’s economy, according to an International Monetary Fund mission that recently visited the country. The IMF team said the country is likely to close 2010 with just an above zero percent economic growth, which is expected to be driven by positive developments in the tourism industry, among others. Medium-term prospects are also weak due to a lack of fiscal consolidation, an improved business climate and structural reforms, IMF said.
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About the author
Ivy Mungcal
As former senior staff writer, Ivy Mungcal contributed to several Devex publications. Her focus is on breaking news, and in particular on global aid reform and trends in the United States, Europe, the Caribbean, and the Americas. Before joining Devex in 2009, Ivy produced specialized content for U.S. and U.K.-based business websites.
