PNG’S Economic Conditions Likely To Improve
By : Post Courier
The Economist Intelligence Unit (The EIU) says conditions in 2017 are likely to be more favourable for PNG than in 2016 when the economy was hard hit by weak global commodity prices, which weighed on fiscal and export revenue.
The EIU is, the research and analysis division of The Economist Group,
In 2018, the EIU expects a slowdown in the rate of expansion, as these positive factors wane and weaken global growth, resulting from a sharp slowdown in China, weigh on export revenue and investor confidence.
However, PNG’s economic ties with Australia will remain strong and relations with China are likely to deepen across 2017-21.
Characterised both by high potential and risk, PNG’s economic climate is impacted by a significant exposure to the mining industry.
The EIU continues to expect increasing infrastructural investment in the development of new capacity owing factors such as the predicted growth in demand for LNG from Asia.
According to Dr Simon Baptist of The Economist Intelligence Unit, “The resulting investment
Spending will support a lift in economic growth from 2019, but the economic benefits will largely occur post 2021.”
The outlook comes as the Port Moresby Chamber of Commerce & Industry Inc. (POMCCI) announces that Dr Simon Baptist, Global Chief Economist, The Economist Intelligence Unit will be a keynote speaker on Day 1 of the PNG International Business Summit to be held on August 22-23 at the Brisbane Convention & Exhibition Centre.
Dr Baptist is the Global Chief Economist at The Economist Intelligence Unit.
He is responsible for providing intellectual leadership for the EIU’s coverage, for ensuring that economic and political analysis and forecasts are the best available for international decision-makers, and for managing a global team of economists, consultants and editors.
The Economist Intelligence Unit (EIU) has been providing information and advisory services to the global business community for more than 60 years.
The EIU has a wide global network of regional and country offices, supported by an extensive network of consultants and analysts reporting from virtually every major capital.