![]() Papua New Guinea Prime Minister James Marape has welcomed the latest World Bank report on Papua New Guinea. In a statement, Mr. Marape said this shows that the Government’s economic reform programme is delivering on its promise of better times ahead. He said the latest update released last month shows that PNG's economy is forecasted to expand by 4 per cent in 2022, which is an increase by 3 percent, from 1 per cent in the previous year. Mr. Marape said this return to growth following a sharp contraction of minus 3 point 5 per cent in 2020, was mostly driven by strong performance in the non-extractive sector, with agriculture, being among the key contributors to the economic recovery.
He adds that the report, ‘Benefiting from High Commodity Prices’, looks at recent key developments in PNG’s economy, and places these in the longer-term global and regional context, where growth is decelerating, and inflation is surging in many countries, due to rising food and energy prices, largely caused by disruptions in the supply chain, triggered by the Russia-Ukraine war. Mr. Marape said despite the challenging external environment, the economic outlook in PNG remains positive, and this is underpinned by a projected recovery in the extractive sector, higher commodity prices, and gradual recovery in economic activities. The Prime Minister said the easing of COVID-19 policies by local authorities is also increasing domestic economic activities, and this is also helping. Read more economy news on >> PNG Economy watch NBC News / PNGfacts Next : Two Killed In Violence In Port Moresby Comments are closed.
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