World bank warns PNG three years of economic doldrum

PORT MORESBY,12 OCTOBER 2018 (NBC NEWS PNG) – The World Bank is warning that Papua New Guinea will have the worst performing economy in the Asia Pacific region over the next three years.

Its economists have reviewed the new government’s supplementary budget an estimated growth for 2017 at 2.1 percent and 2.5 percent next year.

PNG’s Treasurer Charles Able told Radio Australia, the downturn comes after ten years of a very high growth and there are major projects which will boost the economy in the future.

“Papua New Guinea’s economy is very susceptible to global circumstances.

“And whilst we acknowledge there will be a downturn, a temporary downturn, we still very much enjoy the fact that Papua New Guinea has been blessed with, and that is all these wonderful natural wealth,” he said.

More Stories