SUVA, Jan. 13 (Xinhua) -- Fiji is forecast to have some of the highest increases to its Gross Domestic Product (GDP) in East Asia and the Pacific (EAP) over the coming years, the World Bank has said in a report.
According to the Fiji Broadcasting Corporation (FBC) on Thursday, the World Bank rated Fiji among the EAP countries that continued to benefit from the resilient flow of remittances from countries such as Australia and New Zealand.
The report said that tourism-dependent economies are not expected to recover to pre-pandemic levels until later this year or 2023.
It added that following a strong rebound in 2021, the global economy is entering a pronounced slowdown amid fresh threats from COVID-19 variants and a rise in inflation, debt, and income inequality that could endanger the recovery in emerging and developing economies.
The global recovery is set to decelerate amid continued COVID-19 flare-ups, diminished policy support, and lingering supply bottlenecks.
It stated that the rapid spread of the Omicron variant indicates that the pandemic will likely continue to disrupt economic activities in the near term.
World Bank Group President David Malpass said rising inequality and security challenges are particularly harmful for developing countries like Fiji.
He said that putting more countries on a favorable growth path requires concerted international action and a comprehensive set of national policy responses.