Finance Minister Professor Biman Prasad at the 2023 Pacific Update [Source: Fiji Government/Facebook]

In his opening address at the 2023 Pacific Update, Finance Minister Professor Biman Prasad has expressed deep concern over the region’s inability to provide decent and well-paying employment opportunities for the youth.

Prasad emphasized that the deficit in job creation has created unease not only across the Pacific but especially in urban centers.

Highlighting the impact of Russia’s war on Ukraine, Prasad pointed out that the resulting price hikes have taken a toll on communities in the Pacific, making basic necessities unaffordable.

“Our region has been unable to make significant progress in reducing the gender gap. Figures and trends for GBV are distressing. If anything, the gender divide has been worsening in several countries, and across many sectors of the economy. Our region has suffered disproportionately from distant wars on Ukraine.”

Prasad further drew attention to the failures in the supply chain, which have led to skyrocketing shipping costs for both goods and services.

He says that despite the absence of wheat imports from this region, the Pacific is experiencing some of the highest bread prices worldwide.

In some cases, container shipping expenses have surged by several hundred percent, affecting both the Northern and Southern Pacific regions.

The Finance Minister states he deliberately chose to address these issues not only due to their economic implications but also because of their far-reaching impact on various aspects of people’s lives.

He expressed his growing concern that these problems are being normalized and shrugged off as a regular part of life, which, according to Prasad, would be disastrous.

The Pacific Update 2023 forum held at the University of the South Pacific sheds light on the pressing challenges faced by the region, including a struggling job market and the adverse effects of rising prices.