Economy not doing well: UNESCAP

[posted 31 Mar 2006,1430]

A report by a UN agency shows Fiji’s economy is not doing well, sustained only by external factors - tourism and overseas remittances.

Tourism and overseas remittances were bolstering the economy in the face of the sharp decline of key exports such as sugar and garments.

The report by the United Nations Economic and Social Commission for Asia and the Pacific showed the economy lagging at a dismal 2% growth this year after registering a 1.7 growth in 2005.

Investment levels were “far below 5% of the GDP” not sufficient to create the climate required to generate jobs for the thousands of young people entering the work force each year.