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Fiji must maintain an average annual growth rate of 5.7 per cent to achieve high-income status by 2050.<\/p>\n
This, according to the World Bank Group\u2019s Fiji Growth and Jobs Report.<\/p>\n
The report outlined job creation and workforce capability as the two central pillars for long-term economic transformation.<\/p>\n
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Prime Minister and Acting Minister for Finance Sitiveni Rabuka states the report is a defining moment for the country.<\/p>\n
He adds that it provides a clear and candid assessment, offering practical direction for policy action.<\/p>\n
\u201cIf we are serious about becoming a high-income country by 2050, we must decisively raise and sustain our growth performance.\u201d<\/p>\n
Rabuka said the recommendations would be translated into a sequenced, time-bound reform and investment program with accountability mechanisms to track delivery.<\/p>\n
The report identifies five priority areas for sustained growth.<\/p>\n
These include enabling businesses to operate more effectively, strengthening competition, promoting foreign direct investment, building a healthier workforce and increasing women\u2019s participation in the labour market.<\/p>\n
Rabuka acknowledges the World Bank Group\u2019s continued support through financing, policy advice and recovery efforts following the COVID-19 pandemic.<\/p>\n
With the findings now laid out, the government said its focus would shift toward implementing reforms aimed at generating more and better jobs, lifting productivity and securing long-term economic growth.<\/p>\n
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