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Fiji must undertake bold and ambitious reforms if it is to achieve high-income status by 2050.<\/p>\n
This is according to the World Bank\u2019s Fiji Country Economic Memorandum, presented by Senior Economist Mehwish Ashraf.<\/p>\n
Ashraf says the report is the result of extensive analysis by a team of 30 to 35 global experts and outlines a clear pathway for Fiji\u2019s economic transformation.<\/p>\n
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She notes that while Fiji is progressing, the pace of growth remains too slow to match upper-middle-income levels.<\/p>\n
\u201cIt doesn\u2019t mean that you are not growing. You are growing and your living standards are improving, but they are not improving at the level of upper middle income, let alone the high income.\u201d<\/p>\n
Ashraf highlights that Fiji\u2019s economy is currently growing at around three percent annually, but that figure must increase, alongside investment levels rising to 20 percent of GDP, to align with targets in the government\u2019s Vision 2050 and the new National Development Plan.<\/p>\n
She stresses that Fiji has demonstrated in the past its ability to carry out major economic reforms, and now is the time to act.<\/p>\n