• PNG Business News

PNG Expects Growth In Two Years

In the next two years, PNG is expected to grow its economy by nearly K18 billion - from K81 billion to K99 billion.

This was revealed by Treasurer Ian Ling-Stuckey who said that this growth will benefit the non-resource economy. The 2021 budget was recently passed with only 49 MPs from the government bench.

“It is now expected that our economy will grow by over 10.6 per cent in nominal terms in 2021,” he said. “From K81.6 billion up to K90.3 billion. In 2022, we once again expect nominal growth to over 10 per cent, lifting the size of the economy to K99.4 billion and shortly, we will become a K100 billion economy.”

Ling-Stuckey said that aside from the Treasury, the International Monetary Fund has also pointed out this growth. He also added that after 18 months of hard work, the economy has continued, describing it as “the largest in our nation’s history”.

“Even when the taps turn on with the PNG LNG project, the economy increased by less than K15 billion,” he told Parliament. “The near K18 billion in growth over the next two years is mainly for the people of Papua New Guinea. Well over half is going into growth in the non-resource sector. So nearly an extra K3 billion in growth for our agriculture, forestry and fishing sectors.”

Ling-Stuckey also said that an extra K620 million will go into construction, another almost K200 million into manufacturing, another K180 million into food and accommodation, and almost a billion kina extra in retail and wholesale trade.

“So let me put these major growth numbers in terms of each person in Papua New Guinea, we expect the average person in Papua New Guinea to be K1,000 better off because of the economic policies we have put in place,” he said.

The treasure added that these forecasts of growth didn’t include progress from other resources such as Wafi-Golpu, Papua LNG P’nyang or other activities from investors such as Mayur Resources.

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