Papua New Guinea will be looking for non-resource growth to steer the economy forward in 2016, as the government steps up efforts to return the budget to a surplus by 2020.
Papua New Guinea
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Efforts to promote agricultural self-sufficiency in Papua New Guinea saw a setback in 2015, with droughts and supply chain disruptions impeding sector growth.
Falling energy and mineral prices ramped up pressure on Papua New Guinea’s economy in 2015, prompting a reduction in state spending that is expected to continue into the new year as the government looks to return the budget to a surplus.
A rise in historical battlefield tourism across a variety of international destinations has shone a spotlight on a key niche market with potential for Papua New Guinea, as the country begins preparations for a series of events commemorating the 75th anniversary of strategic battles fought during the Second World War.
A regulatory overhaul is paving the way for Papua New Guinea to focus on developing the processing side of its fisheries industry, supporting the country’s plans to become a major downstream player in the global tuna market.
Falling commodity prices and a slowing economy will cut into Papua New Guinea’s national revenue this year, although with growth levels forecast at 10% or more, the impact of any downturn may be softer than expected.