[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108661-en":3,"doc-seo-108661-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":13,"seo_description":14,"update_tm":28,"read_time":29},108661,7971461740886,"Theodore","https://ap-avatar.wpscdn.com/davatar_3d24733baf745e90a7e4bdd5f77d97b2",8,"Research & Report","Country Private Sector Diagnostic - Creating Markets in Fiji - Overview and Summary of Key Findings","Country Private Sector Diagnostic for Fiji outlines the economic shock aftermath from COVID-19 and major natural disasters, including GDP contractions and widening structural vulnerabilities such as low sector diversification and weak private-sector job growth, especially for youth and women. The report proposes a “build back better” strategy built on four interconnected pillars: new growth sources beyond tourism, strengthened economic and climate resilience, using Fiji’s Pacific hub potential, and creating inclusive employment opportunities. It also synthesizes prior analysis and highlights cross-cutting private-sector constraints.","Disclosure Authorized Public Disclosure Authorized Public Disclosure Authorized  \nPublic  \nCOUNTRY PRIVATE SECTOR DIAGNOSTIC  \nCREATING MARKETS IN FIJI  \nOverview and Summary of Key Findings from Sector Deep Dives  \nExecutive Summary  \nMay 2022  \nAbout IFC  \nIFC—a member of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, [visit www.ifc.org](visit www.ifc.org).  \n© International Finance Corporation 2022. All rights reserved.  \n2121 Pennsylvania Avenue, N.W.  \nWashington, D.C. 20433 [www.ifc.org](www.ifc.org)  \nThe material in this work is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IFC does not guarantee the accuracy, reliability or completeness of the content included in this work, or for the conclusions or judgments described herein, and accepts no responsibility or liability for any omissions or errors (including, without limitation, typographical errors and technical errors) in the content whatsoever or for reliance thereon. The findings, interpretations, views, and conclusions expressed herein are those of the authors and do not necessarily reflect the views of the Executive Directors of the International Finance Corporation or of the International Bank for Reconstruction and Development (the World Bank) or the governments they represent.  \nPicture credit: Peter Rae/IFC  \nEXECUTIVE SUMMARY  \nThis Country Private Sector Diagnostic (CPSD) comes at a challenging yet opportune juncture for Fiji to rebuild a more diverse and resilient economy amid the lingering impacts of COVID-19. Fiji recorded its strongest period of gross domestic product (GDP) growth (since achieving independence in 1970) in the decade leading up to COVID-19, underpinned by rising productivity and investment, improved political stability, and a booming tourism sector. However, the shocks of COVID-19 and a series of natural disasters—Tropical Cyclone (TC) Harold and TC Yasa—have been devastating for Fiji’s economy, bringing widespread production disruptions and job losses. The increasing frequency of these weather events has also complicated Fiji’s economic development strategy and plans. Fiji’s real GDP declined by 15.2 percent in 2020 and is estimated to have contracted a further 4.0 percent in 2021, with the long-term ramifications of the COVID-19 pandemic on the economy yet to be fully seen. These shocks have also exacerbated some of Fiji’s long-standing structural vulnerabilities, including the economy being vulnerable to repeated climate-related shocks, its lack of sectoral diversification, and sluggish private sector job growth (particularly among youth and women) .  \nIn this context, the CPSD approach for Fiji to “build back better” revolves around four key interrelated pillars: (1) unlocking new sectoral sources of growth beyond tourism;  \n(2) strengthening economic and climate resilience; (3) leveraging Fiji’s potential as an economic hub in the Pacific region; and (4) creating inclusive employment opportunities. The sectoral diversification imperative stems largely from the vulnerability of Fiji’s tourism to global shocks in travel demand (as the COVID-19 pandemic has painfully illustrated), as well as growing threats to its natural tourism assets from climate change. Low resilience to economic shocks, climate change, and natural disasters is also a feature of many of Fiji’s other sectors such as agriculture, housing, and fis","cbCaisKDwjsmIJDa","https://ap.wps.com/l/cbCaisKDwjsmIJDa","pdf",1125307,4,1,16,"English","en",105,"# Executive Summary\n## Economic context and key challenges\n## “Build back better” strategic pillars\n## Cross-cutting constraints and sector deep dives","[{\"question\":\"What challenges does Fiji face following COVID-19 and natural disasters?\",\"answer\":\"Fiji experienced strong pre-pandemic growth, but COVID-19 shocks and tropical cyclones caused production disruptions, job losses, GDP declines in 2020 and 2021, and intensified long-standing vulnerabilities.\"},{\"question\":\"What are the four pillars of the Fiji CPSD “build back better” approach?\",\"answer\":\"The pillars are: unlocking growth beyond tourism, strengthening economic and climate resilience, leveraging Fiji’s hub potential in the Pacific, and creating inclusive employment opportunities.\"},{\"question\":\"Why does the report emphasize sector diversification beyond tourism?\",\"answer\":\"Tourism is vulnerable to global travel-demand shocks and climate change impacts on natural tourism assets, while other sectors also show low resilience and limited job 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