Photo credit: Loop PNG - Treasurer Ian Ling-Stuckey.
Papua New Guinea’s economy has weathered the Coronavirus (Covid-19) pandemic well despite many challenges, according to Treasurer Ian Ling-Stuckey.
Ling-Stuckey said according to the International Monetary Fund (IMF), “PNG economy is expected to grow from K79.4 billion in 2018 to K109.3 billion in 2022”.
“The increase over the last two years of K23.9 billion is the largest in PNG’s history,” he said.
“The report from the IMF is more positive about the PNG economy than even the 2022 budget documents.
“This is part of the benefits of honest and transparent engagement with the international community.”
Ling-Stuckey said there was also a major upside to the predictions on the growth of the economy.
“In line with international best practice, the growth forecasts do not include new resource projects until the final investment decision is made,” he said.
“This means that the forecasts do not include the additional growth benefits from the Papua LNG, P’nyang, and Wafi-Golpu projects despite the likelihood of these projects going ahead, especially in light of higher oil and mineral prices.
“The IMF also sees the real rate of growth in the non-resource sector exceeding 4 per cent over the next five years.
“This is higher than the official population growth rate of 3.1 per cent.
“Most of our people earn their livelihoods from agriculture, fishing, selling goods, construction and transport.
“As these vital parts of the economy are expected to grow faster than population growth, this means improving the living standards for our people.”
Article courtesy of the National
