Nevertheless, the indirect impact of the crisis through reduced global demand for our exports and tourism services, together with the adverse effects of the floods and cyclones on major domestic industries, hugely impacted our balance of payments, which deteriorated significantly early last year, prompting the Reserve Bank to put in place specific policies as a response to the In favourable economic situation.
As we saw, the economic situation turned around and the country is now on a path to recovery. The current economic conditions and outlook for Fiji’s economy is stable. However, there are some risks to be borne in mind, which can have possible adverse impact on the economy should they occur. Let me share a little on recent economic developments.