By SHEIK DEAN
Westpac Banking Corporation organized a customer forum to give its customers on Fiji’s economic insight from the bank’s perspective.
The forum was held at the Tanoa International Hotel in Nadi yesterday.
An insight of what lies ahead for Fiji as the clouds of financial markets storm clear a little was given by Westpac senior economist Justin Smirk from Australia.
The insight looked at international market of USA, Australia, New Zealand, Europe and China.
Downside risks
“Westpac sees some downside risk to the financial forecast for growth of around two per cent for Fiji 2013,” Mr Smirk said.
“Consumption and investment demand is behind the stronger growth of Fiji in 2012 despite the setback of three natural disasters and the continuing global demand.
“Fiji is not relying completely on tourism but also on other sectors, and tourism will still remain an important revenue provider.
“Fiji is expected to follow the boarder trend closely with Australian, New Zealand and Singapore Dollar.”
Economic impacts
Westpac general manager Adrian Hughes said this was the second forum organized by Westpac to brief clients on the economic impacts to Fiji.
“Fiji is a small developing country and these kinds of forum are very important to better understand the international market impacts as well.
“Smirk has a lot of experience internationally. Fiji is now trading with the Chinese Renminbi which is a good platform to trade directly with China,” Mr Hughes said.
Accountants and business houses took advantage of this forum to better understand the impacts of international market fall down on Fiji.
Westpac will host a similar forum at Holiday Inn in Suva on Wednesday.
Background
Mr Smirk is the Senior Economist with Westpac’s Economic Research team with 17 years of experience in Australia’s Financial Markets.
He joined Westpac in 1999 following his training as an Economist at the Reserve Bank of Australia.
Mr Smirk has also provided his professional services at Westpac’s London office as Senior International Economist.
He has also served as Chief Economist at St George Bank in Australia.
In 2011 with his vast experience Mr Smirk was appointed to the advisory board of the new professionally independent research unit.
He was also the Bureau of Resources and also Bureau of Resources and Energy Economics.
Participants at the Westpac Customer Forum at Tanoa International Hotel in Nadi yesterday. Photo SHEIK DEAN