World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search


From economic boom under Chaudhry to decline

From economic boom under Chaudhry government to major economic decline now - Bank

Issue No: 261 5 December 2000

The political instability in Fiji has been a major cause of decline in the Fiji economy, says the Bank of Hawaii.

The Bank's President, Richard Dahl yesterday told the media that foreign investors are too scared of investing in Fiji because of the political instability in the country. According to today's Fiji Sun, Dahl stated: "Fiji was headed for an economic boom experienced in the early seventies early this year." The People's Coalition government was in power from May last year to May this year until it was taken hostage by terrorists in the world's first ever case of a government being taken hostage by terrorists.

Dahl also stated: "Bank of Hawaii invested about $US50m into the country and the return was good before May 19. At that time, we had plans of extending our services. But after the May 19 event, everything has dropped and returns have been every disappointing."

Dahl further stated that if stability is not achieved in Fiji other South Pacific countries would benefit from Fiji's misfortunes. He stated: "To lure long-term investors, the predictability rate in the country has to be higher. Another aspect is the need for transparency in the market. That openness would be in the form of democracy."

Dahl's comments follow concerns expressed my numerous other major investors and diplomatic heads that Fiji will not be able to regain its economic momentum unless political stability was restored. The Qarase regime has closed its ears to such advice and is adamant in having a racist constitution imposed on the country.

END 5 December 2000

© Scoop Media

World Headlines


Rohingya Muslims Massacred: Restrictions On Aid Put 1000s At Risk

Amnesty: The Myanmar authorities’ restrictions on international aid in Rakhine state is putting tens of thousands of lives at risk in a region where mainly Rohingya people are already suffering horrific abuses from a disproportionate military campaign. More>>


Werewolf: Gordon Campbell On North Korea, Neo-Nazism, And Milo

With a bit of luck the planet won’t be devastated by nuclear war in the next few days. US President Donald Trump will have begun to fixate on some other way to gratify his self-esteem – maybe by invading Venezuela or starting a war with Iran. More>>


Victory Declared: New Stabilisation Funding From NZ As Mosul Is Retaken

New Zealand has congratulated the Iraqi government on the successful liberation of Mosul from ISIS after a long and hard-fought campaign. More>>

Gordon Campbell: On The Current US Moves Against North Korea

If Martians visited early last week, they’d probably be scratching their heads as to why North Korea was being treated as a potential trigger for global conflict... More>>


Gordon Campbell: On The Lessons From Corbyn’s Campaign

Leaving partisan politics aside – and ignoring Jeremy Corbyn’s sensational election campaign for a moment – it has to be said that Britain is now really up shit creek... More>>


  • Pacific.Scoop
  • Cafe Pacific
  • PMC