Business News

Asian Development Bank expects 15 per cent GDP growth

by Allanah Leahy – EM TV Online

Economic growth is expected to jump by 15 per cent in Papua New Guinea thanks to our natural resource boom, according to the Asian Development Bank’s (ADB) Pacific Economic Monitor report released yesterday.

The ADB has predicted an increase in PNG’s gross domestic product from 6 per cent to 21 per cent next year. Lead author of the report and senior economist at the ADB’s Pacific department, Christopher Edmonds said the remarkable growth was driven by Papua New Guinea’s first full year of exporting liquefied natural gas.

He described this as a ‘mixed blessing’ to Radio Australia’s Pacific Beat program.

“With 21 per cent growth and the public seeing that, we would expect pressures to rise even further in terms of people asking ‘where is my share, where am I going to see the benefits?’

“That’s been something that the PNG government has struggled with in terms of how to use these increased revenues, this added wealth, to improve the day-to-day lives of people.”

ADB and other development partners are working with the PNG government, especially in the area of infrastructure to better deliver basic health, education and well-being.

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