Papua New Guinea: Economy
- Papua New Guinea's economy slowed to 2.0% in 2016, compared to high growth rates in the previous 4 years.
- Papua New Guinea's growth is expected to accelerate to 2.5% in 2017, driven by mining and agriculture.
- Papua New Guinea needs an effective medium-term fiscal strategy to respond to external shocks.
Growth at 2.0% in 2016 was considerably lower than in previous years and came largely from mineral resources. The economy is expected to grow by 2.5% in 2017 and, with the hosting of the Asia-Pacific Economic Cooperation Leaders’ Meeting, by 2.8% in 2018. While the short-term outlook skews to the downside, the medium-term outlook remains positive thanks to foreign investments in the pipeline. Read more from Asian Development Outlook 2017
Economic forecasts for Pacific countries
|Micronesia, Federated States of||2.5||2.5|
|Papua New Guinea||2.5||2.8|
|Micronesia, Federated States of||1.5||2.0|
|Papua New Guinea||7.5||7.5|
|Micronesia, Federated States of||4.5||4.5|
|Papua New Guinea||7.7||6.7|
… = no data available, f = forecast number.
Source: Asian Development Outlook 2017