New Zealand’s technical recession and Australia’s economic downturn may have a delayed impact on Fiji, a leading local businessman has said.
Textile manufacturer Mike Towler said the economic situation faced by the two big regional neighbours would not influence the Fiji national budget this year.
“It may impact next year’s budget, but not this one,” the chief executive officer for Performance Flotation Development Fiji Limited said.
“Next year, there will be a downturn in the currently booming Fiji tourist industry, because of the economic downturn and high interest rates in Australia and especially New Zealand.
“The first budget from any new Government will be a tough one, with lots of new revenue raising taxes and charges.
“This will be Fiji’s Robin Hood budget, taking from the rich and giving to the poor.”
During the Top Executive 2022 last November conference, Mr Towler said a global recession was almost a certainty in 2023.
“The world’s economy in 2023 has some very big clouds on its horizon,” he said
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Story by: frederica.elbourne@fijisun.com.fj
