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By Staff Reporter : PNG Today

Brighter outlook for PNG Economy this year : Economist

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The Economist Intelligence Unit predicts that conditions this year are likely to be more favorable for PNG than in 2016 when the economy was hard hit by weak global commodity prices.

The weak prices weighed on fiscal and export revenue, Dr Simon Baptist  of The Economist Intelligence Unit says.
The unit expects a slowdown in the rate of expansion next year, as these positive factors wane and weaken global growth, resulting from a sharp slowdown in China, weigh on export revenue and investor confidence.
However, PNG’s economic ties with Australia will remain strong and relations with China are likely to deepen from 2017 to 2021.
The unit expects increasing infrastructural investment in the development of new capacity owing factors such as the predicted growth in demand for LNG from Asia.
According to Baptist: “The resulting investment spending will support a lift in economic growth from 2019, but the economic benefits will largely occur post 2021.”
The Port Moresby Chamber of Commerce and Industry Inc recently announced that Baptist will be a keynote speaker at the PNG International Business Summit to be held on August 22 and 23 at the Brisbane Convention and Exhibition Centre in Australia. The National/PNG Today

Posted by Staff Reporter : PNG Today on 3:23 AM. Filed under , . You can follow any responses to this entry through the RSS 2.0. Share this Article

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