SUVA, Jan. 15 (Xinhua) -- Remittances to Fiji have continued to be steady, according to Fiji's Deputy Prime Minister and Minister for Finance Biman Prasad on Wednesday.

He said global migration trends and economic factors are shaping remittances, a key income source for many Fijian families.

Despite initial expectations of a decline due to the COVID-19 pandemic, remittances have remained steady, driven by the increasing number of Fijians seeking work abroad, Prasad said.

According to Prasad, the number of Fijians migrating for work or education increased in 2022 and continued into 2023, with more than 25,000 people leaving the country, compared to just a few thousand during the height of travel restrictions in 2020 and 2021.

The surge in migration reflects a global reshaping of the labor market.

Fijians have increasingly sought employment in countries like Australia and New Zealand, where labor demand remains strong despite shifts in immigration policies.

But Prasad pointed out that the high cost of living in these countries has made some Fijians reconsider their migration decisions.

With migration slowing in recent years due to stricter immigration policies and rising costs, fewer people are leaving for work, which could potentially affect remittance flows, he said.

Fiji's personal remittances soared to a record high of 1.25 billion Fijian dollars (about 554 million U.S. dollars) in 2023, marking a significant increase of 20.4 percent over the previous year, showed data from the Westpac Banking Corporation. Enditem

Related

Go to Forum >>0 Comment(s)