Weaker commodity prices and lower government revenues have prompted Papua New Guinea’s current administration to revise its growth forecast and release a supplementary budget in late August.
Asia Economy
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Chapter | Bougainville from The Report: Papua New Guinea 2016
Situated at the eastern-most point of the New Guinea islands and in a different time zone from the rest of Papua New Guinea, the Autonomous Region of Bougainville is composed of two large islands, Buka and Bougainville, separated by a narrow tidal channel. Together with 168 smaller islands and countless atolls, it forms an archipelago that is geographically, geologically and culturally closer...
The economy of Papua New Guinea is decelerating, with the GDP growth rate expected to fall by half in 2016 to 4.3% and by nearly half again to 2.4% in 2017. A combination of the end of the construction phase of the PNG Liquefied Natural Gas (LNG) project and an unexpected drop in energy prices has resulted in a significant decline in business activity and state revenues. The PNG economy is in...
Chapter | Trade & Investment from The Report: Papua New Guinea 2016
The trade and investment landscape in Papua New Guinea has undergone substantial changes in recent years, driven to a large extent by the country’s large liquefied natural gas (LNG) project, PNG LNG. The development comprises gas production and processing facilities, with its initial phase carrying an estimated cost of $19bn, an investment greater than the country’s GDP at constant prices in...
Chapter | Country Profile from The Report: Papua New Guinea 2016
Culturally one of the world’s most diverse countries, Papua New Guinea is widely considered to be one the last frontiers for tourism and business opportunities – the island of New Guinea hosts 6-8% of the world’s species, one-sixth of known languages and rivals Borneo, the Amazon and the Congo in terms of biodiversity. The country is an important exporter of natural resources (gold, copper,...
While the first six months of 2016 have brought mixed results, Malaysia’s economy is expected to give an improved performance in the second half of the year, especially as remedial measures introduced by the government gain momentum.