The Reserve Bank of Fiji has expressed grave concern for the state of the economy which is expected to fall short of the forecast 2.4 per cent growth.
The paper, the Fiji Times, says the central bank warned that in the face of dwindling foreign reserves, tourism arrivals, remittances and exports, their only option would be to borrow offshore.
The Bank's governor, Savenaca Narube, says the central bank is worried about the Fiji economy and the impact of the global recession.
Meanwhile, the former Trade Commissioner to Australia, Jaindra Kumar, says Fiji will be hit by the effects of global crisis, particularly in view of the predictions of slow and bleak outlook in its major trading partners such as Australia, New Zealand, Japan and the Euro Zone
