Papua New Guinea Economic Update, July 2019 : Recovery Amid Uncertainty
Papua New Guinea’s (PNG) economy has started recovering from a series of external shocks, but its growth outlook remains fragile due to rising uncertainties. The recovery is being observed in the resource sector, mainly in its extractive segment do...
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| Format: | Report |
| Language: | English |
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World Bank, Washington, DC
2019
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| Online Access: | http://documents.worldbank.org/curated/en/534921562647834569/Papua-New-Guinea-Economic-Update-Recovery-Amid-Uncertainty http://hdl.handle.net/10986/32041 |
| Summary: | Papua New Guinea’s (PNG) economy has
started recovering from a series of external shocks, but its
growth outlook remains fragile due to rising uncertainties.
The recovery is being observed in the resource sector,
mainly in its extractive segment dominated by liquefied
natural gas (LNG), while growth in the non-resource economy
remains subdued due to sluggish domestic demand. A
longer-term government agenda of building an inclusive and
sustainable economy will require a focus on structural
reforms. It also looks at sector-specific issues and
identifies a set of implementation actions for each priority
sector. Agriculture is one of the priority sectors due to
its large share of the economy and the vast population
living in rural areas that is involved in subsistence and
cash income agriculture. To realize the potential of
agriculture as a source of income and job creation, the
authorities should consider policy options and responses
that will secure sustainable rural livelihoods in food and
agriculture, as discussed in the report. |
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