State key in influencing growth: Official
People depend more on the Government and its institutions in a developing country such as Papua New Guinea and want results, an official says.
Dr Misty Baloiloi, the first secretary to the Treasurer, said this during the launching of the Independent Consumer and Competition Commission 2020-2025 corporate plan in Port Moresby last week.
“In smaller developed countries, developing countries, the State is (key) to influencing investment and growth, and broadening the economic base and growth of the country,” he said.
Dr Baloiloi said institutions such as the ICCC would enable the growth of an economy.
“Our country is migrating from State-centric growth to one of where the State has to develop its capacity to be the principal navigator and the supervisor of the growth of the market place,” he said.
“That shifts is necessary if we have to navigate into the higher plains of growth, and we are getting there.”