While Papua New Guinea continues to account for the lion’s share of output among the Small Island Developing States (SIDS) in the Pacific region with 60%, concerns remain that modest economic growth could have a knock-on effect on the country’s capacity to achieve sustainable development in the long term.
Getting the books to balance will be a significant challenge for Papua New Guinea going forward. Although the country has made some deep cuts in expenditures, it will be years before the government takes in as much as it needs to operate. The authorities have few options in the short term other than carefully balancing interests. As it works...
How would you characterise budget priorities in light of the current fiscal and economic situation?
To date, Papua New Guinea has dealt with its economic challenges relatively defensively. It has instituted deep spending cuts to get the budget balanced, maintaining or increasing outlays only where vitally necessary. While the results have been impressive in terms of absolute numbers, the response is conventional. PNG has remained...
Papua New Guinea comprises the eastern half of the largest tropical island on Earth, along with hundreds of smaller adjacent islands, combining to form less than 0.5% of the world’s total land area. Culturally, linguistically and environmentally diverse, PNG is considered a true frontier when it comes to economic diversity. There is ample...
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