Fiji: Staff Report for the 2002 Article IV Consultation

This 2002 Article IV Consultation highlights that following the political crisis, Fiji experienced sharp declines in tourism earnings, while external sanctions adversely affected investment and textile exports. As a result, GDP fell 2¾ percent in 2000, and the current account deficit widened to 6½ percent of GDP. Financial stability and the basket peg of the Fiji dollar were maintained through tightening of domestic monetary policy and exchange controls, together with government spending cuts to offset the impact of weaker growth on the fiscal deficit.
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Volume/Issue: Volume 2003 Issue 008
Publication date: January 2003
ISBN: 9781451813340
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Business and Economics , Banks and Banking , Exports and Imports , Public Finance , ISCR , CR , government , monetary policy , fiscal policy , GDP ratio , Fijian authorities , current account transaction , reserve bank of Fiji , foreign exchange dealer , approvals to commercial banks , Exchange restrictions , Australia and New Zealand , Asia and Pacific , Pacific Islands

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Summary

This 2002 Article IV Consultation highlights that following the political crisis, Fiji experienced sharp declines in tourism earnings, while external sanctions adversely affected investment and textile exports. As a result, GDP fell 2¾ percent in 2000, and the current account deficit widened to 6½ percent of GDP. Financial stability and the basket peg of the Fiji dollar were maintained through tightening of domestic monetary policy and exchange controls, together with government spending cuts to offset the impact of weaker growth on the fiscal deficit.

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