These events have adversely impacted economic growth, worsened foreign exchange shortages that hampered private sector development, and increased public debt.
According to the International Monetary Fund (IMF), a recovery from the pandemic is now underway: real gross domestic product (GDP) is estimated to have grown by 4.5 percent in 2022 as most COVID-related restrictions were removed, allowing the non-resource sector to rebound.
The IMF has projected a positive economic outlook for PNG after the recovery from the recent pandemic.