Economic growth

Economic partnership and recovery

Through increasing trade and investment; providing assistance to strengthen enabling environments, infrastructure, and macroeconomic stability; and continued support for recovery from the COVID-19 pandemic.

These include:

Focus on law, order

For this reason, the Autonomous Bougainville Government will be focusing on improving law and order throughout Bougainville.

President Ishmael Toroama outlined that economic growth and law and order must be taken seriously by the administration and the economic sector departments, primarily the Law and Justice Sector, the Department of Mining and Energy Resources, the Department of Economic Development and the Department of Finance and Treasury.

“Our economy cannot flourish without the stability brought about by enforcing law and order,” said President Toroama.

Innovation hubs planned for AROB

This follows the signing of a Memorandum of Understanding between the ABG and the United Nations Development Program in Buka on Monday, July 18th.

The Innovation Hubs will be funded by the government of Japan, and will essentially be a one-stop-hub where women and youth from Bougainville can look to begin their entrepreneurial journey, improve their financial literacy, and look to resource themselves with the necessary knowledge and skills towards participating in a digital and technologically focused future.

BSP Projects 4.2pc Economic Growth

In its Pacific Economic and Market Insight Quarter 2 of 2021 Report, it shows that a 4.2 percent economic growth is expected by 2022, as Papua New Guinea continues to recover from COVID-19 pandemic.

The report highlights that the recent surge in COVID-19 cases poses a threat to the expected economic growth of 3.5 percent for this year.

In addition, the report stated that the reopening of the Porgera Gold Mine now sets the path for all stakeholders’ partnership for the next 10 years, especially copper and oil; two of PNG’s major exports are at multi year highs.

BSP anticipates economic rebound

The proceeds from sovereign bond issue and concessional drawdowns have increased the international reserves to around US$2.5bn at the end of 2018. 

Rohan George, Group General Manager Treasury, stated: “Much needed relief was given to the market through the conversion of sovereign bond and concessional loan drawdowns. The number of outstanding foreign currency orders significantly reduced by 50 percent in the second half of 2018, and have declined by 70 percent over the past 12 months.”

2018 Budget to focus on Economic Growth

Minister Maru said this on Wednesday in Day Three of the Inaugural National Agriculture Summit in Port Moresby.

The Minister said the 2018 Budget will see funding for economic growth double, with a major focus on Agriculture.

Speaking to industry stakeholders, Maru said under his tenure as Minister for Planning, Agriculture will take the front seat in development.

He said the he plans for the sector to overshadow the extractive industry which has for too long been given prominence, but has not translated into positive economic growth.

Growing PNG economy at steady rate

Parkop highlighted that SDP is focused on returning the economic growth to 10-12 percent, like it used to be in 2012, 2013 and 2014, before it slipped down to around 2-3 percent.

Parkop says the Government needs to sustain the economy as we cannot grow the economy then let it drop again.

He explained that SDP has a multi-prolonged growth strategy that will deliver results now and sustain it over the years. These include getting the next LNG project into construction now and having a series of large capital projects properly planned and sequenced.

LNG and tourism behind Pacific economy’s 9.9% growth:ADB

However, the report warns that growth in the Pacific is expected to fall to about 5% in 2016, as the one-off boost from the first full-year of PNG’s natural gas exports dissipates.

“Cyclone Pam and Typhoon Maysak again highlight the vulnerability of Pacific economies to disaster risks, which are the highest in the world,’ said Xianbin Yao, Director General of ADB’s Pacific Department.