Radio Fiji: Economic forecast may be revised

07:10 Today (25 April 2012)
Report by: Ritika Pratap

Trade and Commerce Minister Aiyaz Sayed Khaiyum say it’s too early to predict the country’s economic forecast following the recent floods.

Sayed Khaiyum says that assessments are still being carried out.

“In respect to the actual revision, lets wait, lets get the appropriate figures in place and then be able to carry out any revision if required at all.”

He was reacting to USP Economist Professor Biman Prasad who says the country’s economic forecast has suffered a significant set-back after the two major floods.

The 2012 budget had the potential to create a favourable impact on the economy, but the floods have upset predictions.

“I think the 2.3% forecast for growth in the 2012 budget may now have to be revised and it think the RBF has already indicated that it will have to be done given the magnitude of the damage that has been done to the agriculture sector, to the business community.”