PNG ECONOMY SHOWING SIGNS OF RECOVERY
World Bank’s latest Economic Update for Papua New Guinea predicts a rebound in growth and considers PNG’s agricultural sector as a potential key economic driver in the years ahead.
The economy of Papua New Guinea (PNG) has begun recovering from a series of external shocks, but global economic uncertainties are mounting, according to a report released by the World Bank today.
The report, Papua New Guinea Economic Update: Recovery Amid Uncertainty, says that to increase the resilience of the economy, the government should continue pursuing its structural transformation agenda for more inclusive and sustainable development of the country, with agriculture as one of the priority sectors.
The report was launched in Port Moresby today and is the third in the current series of the World Bank’s Economic Updates, reviewing recent developments in PNG’s economy and providing an in-depth examination of a selected development issue in PNG.
The new report says that signs of growth are returning in PNG, following a recovery in production in the resource sector.
GDP growth is estimated to jump from -0.5 percent in 2018 to 5.6 percent in 2019 and is projected to hover between 3.1 and 3.5 percent in 2020-21, supported by proposed investments in several large resource projects.
The report recommends that PNG authorities focus on improving cooperation and institutional capacity through greater agricultural public-private partnerships to support this sector to realize its vast potential for the country
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