15 October 2008

Crisis will affect us, say Fiji traders

The Fiji Times reports that the financial crisis in the United States market will impact on Fiji, the business community said recently.

Fiji Islands Hotel and Tourism Association president Dixon Seeto said one of the first casualties in any financial crisis was disposal income.

He however said the price of fuel might make Fiji a more attractive tourist destination because of it proximity to the Australia and New Zealand markets.

Fiji Employers Federation chief executive officer Ken Roberts said if countries affected start to place a ceiling on credit then businesses in Fiji would be affected.

The financial crisis which began in US has spread rapidly to other economies.

These include Europe, Asia, South America including Australia and New Zealand.

Reserve Bank of Fiji deputy governor Sada Reddy said: "The global financial crisis is still unfolding and is difficult to forecast what the exact impact of these developments will be on small island countries such as Fiji.ââ¬~

"However, it is quite probable that the global economic slowdown may affect to some extent the demand for our exports and services, including tourism."

A report by The Mole

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