The Report: Papua New Guinea 2014

Front Cover
Oxford Business Group, Sep 4, 2014

Papua New Guinea is poised for change, as the country’s mineral riches are providing a major opportunity for economic development through the exploitation of natural resources. The government’s five-year strategic plan focuses on key development enablers such as free education, improvements to health services, the strengthening of law and order, rural development projects and infrastructure construction.

 

Inward investment has increasingly been driven by the extractive sector, including oil and gas, whose share of the country’s total investment stock rose from 71% to 87% between 2004 and 2012. Statistics from the Investment Promotion Authority reveal that the largest share of new foreign direct investment in 2013, some 24.6%, targeted the construction sector, outpacing that in financial services, manufacturing and mining, which accounted for 19.8%, 18.1% and 10.9%, respectively. While minerals and hydrocarbons dominate exports, around 85% of the country’s population is employed in the agriculture sector.

The start of liquefied natural gas exports in 2014 is expected to return the current account to a surplus in 2015, forecast as high as 12.1% of GDP before returning to 9.1% the following year. While the outlook for state revenues remains strong in the medium term, ensuring the sustainability of further spending increases will be key to preserving macroeconomic stability. 

 

 

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Contents

Michael BensonColpi
10
Prime Minister Peter ONeill
16
Real GDP growth 200616F Select economic indicators 201215
24
Julie Bishop Australian Minister
26
Ivan Pomaleu Managing Director
33
Real GDP growth 2012 2013E 2014F 2015F
37
80
41
BANKING
57
from increased interest both at home and abroad
80
MINING
120
0
174
James Lau Managing Director
186
8
190
TOURISM
203
Sustaining growth
232
6
239

Loi M Bakani Governor Bank of Papua
64
Bolstering SMEs will require
71
THE GUIDE
248
1000
250

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About the author (2014)

Oxford Business Group (OBG) is a global publishing, research and consultancy firm, which publishes annual economic reviews on emerging markets in the Middle East, Asia, Africa, Latin America and the Caribbean. OBG offers comprehensive analysis of macroeconomic and sectoral developments, including banking, capital markets, energy, infrastructure, industry and insurance

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