PNG Economy Continues to contract due to COVID-19
The Papua New Guinea's economy continues to fall under the weight of the COVID-19 pandemic.
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| Changing face of downtown Port Moresby- PNG Today Photo |
The Monetary Policy Statement released recently by the Bank of Papua New Guinea stated that the country’s economy is estimated to have contracted by around three-percent in 2020.
And with the daily figures of confirmed cases on the rise, another if restriction imposed by the Government to combat the spread of COVID-19 will severely affect the economy.
The Quarterly Monetary Policy Statement issued by BPNG on 31st March 2021 stated that the slow-down of the economy was mainly due to the State of Emergency measures.
The Monetary Report further highlighted that fiscal operation of the Government was badly impacted by the COVID-19 pandemic last year, with lower revenue, resulting in a supplementary budget introduced in September 2020 to cushion the blow.
The preliminary fiscal outcomes for the eleven months of 2020 showed a deficit of K5.6 billion compared to the deficit of K2.2 billion in the same period of 2019.
NBC News / PNG Today
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