Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US
Commonwealth Business Communications
Commonwealth Business Communications
  • HOME
  • ABOUT
  • COUNTRIES
    • AFRICA
      • BOTSWANA
      • CAMEROON
      • GAMBIA
      • GHANA
      • KENYA
      • KINGDOM OF eSWATINI
      • LESOTHO
      • MALAWI
      • MAURITIUS
      • MOZAMBIQUE
      • NAMIBIA
      • NIGERIA
      • RWANDA
      • SEYCHELLES
      • SIERRA LEONE
      • SOUTH AFRICA
      • TANZANIA
      • UGANDA
      • ZAMBIA
    • ASIA
      • BANGLADESH
      • BRUNEI DARUSSALAM
      • INDIA
      • MALAYSIA
      • MALDIVES
      • PAKISTAN
      • SINGAPORE
      • SRI LANKA
    • CARIBBEAN AND AMERICAS
      • ANTIGUA AND BARBUDA
      • BAHAMAS
      • BARBADOS
      • BELIZE
      • CANADA
      • DOMINICA
      • GRENADA
      • GUYANA
      • JAMAICA
      • SAINT LUCIA
      • ST KITTS AND NEVIS
      • ST VINCENT AND THE GRENADINES
      • TRINIDAD AND TOBAGO
    • EUROPE
      • CYPRUS
      • MALTA
      • UNITED KINGDOM
    • PACIFIC
      • AUSTRALIA
      • FIJI
      • KIRIBATI
      • NAURU
      • NEW ZEALAND
      • PAPUA NEW GUINEA
      • SAMOA
      • SOLOMON ISLANDS
      • TONGA
      • TUVALU
      • VANUATU
  • AREAS OF WORK
    • GOVERNMENT
    • EDUCATION
    • HEALTH
    • ICT
    • INFRASTRUCTURE DEVELOPMENT
    • NATURAL RESOURCES
    • SUSTAINABLE DEVELOPMENT GOALS
    • TRADE AND INVESTMENT
  • OUR PUBLICATIONS
    • CHOGM
      • COMMONWEALTH HEADS OF GOVERNMENT INTERIM REPORT 2020
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2018 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2015 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2011 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2009 REPORT
      • THE COMMONWEALTH HEADS OF GOVERNMENT MEETING 2007 REPORT
    • HEALTH
      • COMMONWEALTH HEALTH REPORT 2020
    • EDUCATION
      • COMMONWEALTH EDUCATION REPORT 2021
      • COMMONWEALTH EDUCATION REPORT 2019
    • MINISTERS
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2017
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2015
      • MINISTERS REFERENCE BOOK COMMONWEALTH 2014
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2011
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2010
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2009
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2008
      • COMMONWEALTH MINISTERS REFERENCE BOOK 2007
    • FINANCE
      • COMMONWEALTH FINANCE MINISTERS REPORT 2012
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2010
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2009
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2008
      • COMMONWEALTH FINANCE MINISTERS REFERENCE REPORT 2007
    • TRADE AND INVESTMENT
      • AFRICA INFRASTRUCTURE INVESTMENT REPORT 2013
    • QUEEN AND COMMONWEALTH
      • QUEEN & COMMONWEALTH: 90 GLORIOUS YEARS
      • QUEEN & COMMONWEALTH: CELEBRATING HER MAJESTY’S DIAMOND JUBILEE
  • CONTRIBUTORS
  • CONTACT US

PNG ECONOMY NAVIGATING A FRAGILE RECOVERY

  • CBC News Team
Total
0
Shares
0
0
0

A new World Bank report says Papua New Guinea’s economy is projected to grow by four per cent in 2022, driven largely by growth in the extractives sector.

Papua New Guinea Economic Update: Navigating a Fragile Recovery looks at key recent developments in PNG’s economy and places these in a longer-term and global context, with the report estimating the economy returned to positive growth of one per cent in 2021 after contracting by 3.5 per cent in 2020.

In 2022, the extractive sector is projected to be the main driver of GDP growth – an estimated four per cent – driven by the planned reopening of the Porgera gold mine. However, the report estimates that the overall medium-term growth in PNG is likely to be impacted by higher global uncertainty.

The new report says that PNG is expected to face considerable challenges from the COVID-19 pandemic, despite PNG’s economic output not being as severely impacted as in many other East Asia and Pacific economies. PNG’s extremely low level of vaccination – one of the lowest rates in the world – means COVID-19 outbreaks put significant strain on an already-stretched public health system and pose both a risk of higher loss of life and a negative impact on domestic economic activity.

The new report also says that while local agricultural production continued unabated through the pandemic, PNG’s overall GDP growth has lagged behind global and regional averages, with performance further constrained by falling gold and liquefied natural gas (LNG) production.

“The biggest challenge for the PNG economy this year will be navigating a fragile recovery; this is particularly challenging while uncertainty remains high,” said Ruslan Piontkivsky, World Bank Country Economist for Papua New Guinea.

“A sound fiscal consolidation strategy – one focused on mobilising domestic revenue to decrease the medium-term fiscal deficit – is vital for PNG. This will be important to navigate while also prioritising improvements to the delivery of public services.”

The new report recommends that to safeguard fiscal sustainability, PNG should aim to improve the credibility of the annual budget process, as well as ensure companies operating in the resource sector are contributing revenue back to PNG’s budget. The report also emphasises that further improvements to the PNG’s tax policy and tax administration will ultimately help to reduce the country’s debt burden.

This PNG Economic Update also includes a special focus on how PNG can resume fiscal consolidation while improving public service delivery, which includes prioritising improvements to health and education services. The report says that although this may result in higher social sector spending in the short-term, the combined effect should be a decrease in the medium-term fiscal deficit.

“The effect of the pandemic on the world, including PNG, has been immense, and uncertainty remains high,” said Stefano Mocci, World Bank Country Manager for Papua New Guinea.

“Yet we are also seeing potential for growth in sectors such as agriculture which, as this report notes, has weathered the pandemic better than others. This relatively strong performance of agriculture reflects additional government financial support to small-medium enterprises during the pandemic.

“We will continue to work closely with the PNG Government to help further develop physical capital – including transport infrastructure to improve access to markets. Combined with improved education and health – this will be essential to creating more opportunities for all Papua New Guineans and realising the potential of the non-resource sector.”

About the World Bank in Papua New Guinea

The World Bank’s work in PNG aims to help end extreme poverty and promote shared prosperity in a sustainable way so that everyone – regardless of their gender, where they live, or their social and economic circumstances – can benefit equally to support PNG’s development goals. 

The World Bank currently supports 10 active PNG Government projects in PNG worth approximately US$562 million, in sectors including agriculture, health, transport, water and sanitation, rural service delivery and youth employment.

Share this:

  • Click to share on Twitter (Opens in new window)
  • Click to share on Facebook (Opens in new window)
CBC News Team

Previous Article

BILLION VULNERABLE CHILDREN AT EXTREME RISK

  • CBC News Team
Read More
Next Article

WHO LAUNCHES NEW REPOSITORY ON URBAN HEALTH

  • CBC News Team
Read More
You May Also Like
CARICOM Secretariat
Read More
  • CHOGM Reports
  • GOVERNMENT
  • CARIBBEAN AND AMERICAS

CARICOM divided on new Secretary-General election as UK backs Jamaican candidate

  • Margherita Bruno
  • 24 May 2022
Read More
  • AFRICA
  • ASIA
  • HEALTH
  • CARIBBEAN AND AMERICAS
  • PACIFIC

Quality key to healthcare reform in developing nations

  • CBC News Team
  • 12 May 2022
Read More
  • GOVERNMENT
  • AFRICA
  • GAMBIA

Country partnership launched for The Gambia

  • CBC News Team
  • 10 May 2022
Read More
  • GOVERNMENT
  • FIJI
  • PACIFIC
  • SUSTAINABLE DEVELOPMENT GOALS
  • TRADE AND INVESTMENT

Unlocking capital for women entrepreneurs in Fiji

  • CBC News Team
  • 9 May 2022
Read More
  • ANTIGUA AND BARBUDA
  • BAHAMAS
  • CARIBBEAN AND AMERICAS
  • BARBADOS
  • BELIZE
  • CANADA
  • DOMINICA
  • GRENADA
  • GUYANA
  • TRADE AND INVESTMENT
  • JAMAICA
  • SAINT LUCIA
  • ST KITTS AND NEVIS
  • ST VINCENT AND THE GRENADINES
  • TRINIDAD AND TOBAGO

Robust strategies needed for CARICOM to rebound from COVID-19

  • CBC News Team
  • 7 May 2022
Read More
  • AFRICA
  • ASIA
  • HEALTH
  • CARIBBEAN AND AMERICAS
  • EUROPE
  • PACIFIC

Global report on infection prevention and control launched

  • CBC News Team
  • 5 May 2022
Read More
  • GOVERNMENT
  • CARIBBEAN AND AMERICAS
  • BELIZE
  • NATURAL RESOURCES

Belize – swapping debt for nature

  • CBC News Team
  • 3 May 2022
Read More
  • AFRICA
  • GOVERNMENT
  • SUSTAINABLE DEVELOPMENT GOALS
  • TRADE AND INVESTMENT

Little room to manoeuvre in Sub-Saharan Africa

  • CBC News Team
  • 29 April 2022
OUR LATEST PUBLICATION

Subscribe to our Newsletter

PARTNER FOCUS
Recent Posts
  • CARICOM Secretariat
    CARICOM divided on new Secretary-General election as UK backs Jamaican candidate
  • Commonwealth Malaria
    COVID-19 disrupts Commonwealth malaria commitment for 2023
  • Commonwealth health ministers urge vaccine equity
  • Quality key to healthcare reform in developing nations

Subscribe

Subscribe now to our newsletter

Commonwealth Business Communications
  • HOME
  • About
  • Contact
  • Terms of Use
  • Privacy Policy
  • Cookie Policy
© 2022 Commonwealth Business Communications Limited. All Rights Reserved.

Input your search keywords and press Enter.