5-Year and 20-Year National Development Plan 1.0 TWENTY YEAR DEVELOPMENT PLAN 2017-2036 Fiji has huge potential that is yet to be fully realised. We are at a point of strength with a rapidly expanding economy, improving infrastructure and institutions, a large number of young people, growing digital connectivity, a stronger standing in the international arena, and continuing inherent geographical and environmental advantages. These positive developments and advantages provide a sound platform for future prosperity. The Plan builds upon these strengths and enablers to expand the development frontier to further transform Fiji. The 20-Year Development Plan provides the forwardlooking vision for “Transforming Fiji” towards an even more progressive, vibrant and inclusive society. It outlines a framework that encompasses strategic policy manoeuvres, new approaches to development and the aspirations of all Fijians. The Plan consists of two prongs or approaches, which are designated as: “Inclusive Socio-economic Development” and “Transformational Strategic Thrusts”. These prongs are mutually inclusive and reinforcing. °° Inclusive Socio-economic Developmentwill ensure that all socio economic rights in the Constitution are realised. Inclusivity will be at the centre of growth and development, and the benefits of prosperity will be spread as widely as possible to improve the social well-being of all Fijians. No one will be left behind regardless of geographical location, gender, ethnicity, physical and intellectual capability and social and economic status. °° Transformational Strategic Thrusts- are game changing forward-looking policy shifts to expand our development frontier and support the vision of transforming Fiji. New and emerging growth sectors will be nurtured, connectivity within and to the outside world will be improved, new technologies will be embraced, productivity will be maximised, human capital development will be accelerated and green growth will be a key guiding principle in the implementation of this Plan. 1.1 Inclusive Socio-economic Development Inclusive socio-economic development is essential to further improve the living standards of Fijians. Sustained economic expansion supported by private sector investment and trade and the enhanced provision of social services and public goods will be paramount. Macroeconomic and fiscal stability will be maintained. A wide range of sector policies and programmes have been identified with detailed plans for implementation to achieve these goals and targets. Successful implementation of the overall strategy will support the realisation of the Sustainable Development Goals (SDGs). yy Fourfold Increase in GDP per Person Fiji has graduated to the group of upper middle-income countries. Our current per capita income stands at around $10,000. Based on current economic performance, economic outlook and projected population growth, Fiji is likely to achieve a fourfold increase in per capita income by 2036. This is consistent with a sustained annual real GDP growth averaging 4 to 5 percent, investment levels of 25 percent of GDP and an inflation target of 2 to 3 percent. A fourfold increase in per capita income over the next 20 years will raise Fiji up the international development ladder and lead to tangible improvements in the lives of all Fijians. Effectively implementing the transformational strategic thrusts will be critical to realising these gains. The Fijian Government is fully committed to delivering this overall objective and to achieving inclusive growth and development. yy Government Debt to be Reduced to 35 Percent of GDP With more than fourfold growth in nominal GDP expected, government debt will be reduced to 35 percent of GDP over the next 20 years. This commitment will be achieved through an expansion in the overall size of the economy resulting from transformational shifts rather than by constraining the development budgets of government. With the rapid expansion in the economy, rising government revenues will create more fiscal space for the required future public expenditure. Nominal GDP is expected to grow twice as fast as the nominal debt. This will support both overall development and financial sustainability. yy Reducing Unemployment Rate to Below 4 Percent With sustained economic expansion and the implementation of new job creation policies, the unemployment rate will be reduced to below 4 percent. All Fijians will be empowered with education and skill sets so that they may be easily absorbed into the workforce. A key focus will be on skills development and turning job seekers into job creators. With the establishment of the Micro, Small and Medium Enterprise (MSME) Council and Central Coordinating Agency, greater support and incentives will be provided to small and medium enterprises. New growth sectors with high labourabsorption capacity will be nurtured and expanded. Seasonal employment opportunities overseas will also be effectively utilised. yy Eradicating Poverty With the rapid economic and social development over 2