As we await the announcement of the 2009 National Budget tomorrow, the Institute of Accountants is hoping that the interim government has taken into account the impacts on Fiji due to the global financial crisis which has seen many developed economies now in recession.
Institute President Rajesh Sharma said the impacts of the global crisis can already been seen in Fiji and counter measures must be considered to ensure consumers do not suffer the consequences.
The Reserve Bank of Fiji (RBF) had earlier stated that with the global financial crisis unfolding, it is difficult to forecast what the exact impact of these developments would be on Fiji, however it is quite probable that the global economic slowdown may affect to some extent the demand for our exports and services sector, including tourism.
The Bank had also said that Fiji's banks are to a large extent insulated from the global financial markets, and therefore they do not expect any major issues for our banks and insurance companies.
Global Crisis Impact Visible
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