PNG’s economy recovering, says ADB

The Papua New Guinea economy is in the process of a “mild recovery” on the back of increased mining and agriculture sector outputs, according to the Asian Development Bank.
This was reported in the recently released annual publication Asian Development Outlook 2017.
It notes PNG’s economic growth as at 2 per cent in 2016, and expected to rise to 2.5 per cent in 2017, and 2.8 per cent by 2018.
The medium-term outlook for PNG remains positive due to foreign investments in the pipeline, it says.
This will contribute to the region’s progressive economic growth with Pacific economies expected to grow from 2.9 per cent in 2017 to 3.3 per cent in 2018.
This growth needs to be sustained with the implementation of strong policies, according to ADB Pacific Department director general Xianbin Yao.
“Increased mining and agriculture output is seen to spur a mild recovery in Papua New Guinea, which will contribute to a modest rebound for the Pacific region as a whole,” Yao said.