Fiji’s economy still struggling three years after coup
Report Pacific Beat:
There are claims Fiji’s only remaining economic income, in the wake of the 2006 military coup, is from its struggling tourism industry.
The claim was made in a paper presented by the Lowy Institute, which has released its 2009 Pacific Islands Update report.
Just last month, the Governor of Fiji’s Reserve Bank claimed the global financial crisis has had a bigger impact on Fiji’s economy than any political developments.
Sada Reddy claimed the impact of the annulment of Fiji’s constitution and strict media censorship, had only a very minor impact on the local economy.
But Professor Ron Duncan of The Australian National University, the author of the Fiji Economic Performance and Investment report for the Lowy Institute, said the economy is in a terrible state
Prof Duncan said Fiji’s sugar and garment industries are both doing poorly right now.
“I think employment is down to around 4,000 or less in the garment industry,” he said.
“Exports are down because of the global economic crisis. Then there’s mineral water which was the main sales to the US, and of course that market’s in a bad way for many of these kinds of exports.” (20/10abc)