The Port Moresby Chamber of Commerce, along with the ANZ bank, hosted a business breakfast this morning, to discuss the 2014 economic outlook of the Asia-Pacific Region.
The event, heavily attended by Port Moresby’s business professionals, welcomed two expert economists from the region, to share and discuss their observations, regarding the region and more specifically, Papua New Guinea’s role and share of the region’s economic growth.
According to economist Daniel Wilson, Papua New Guinea is going through a current account deficit.
This deficit however, compared to the import/export deficit, is actually better for the country because it is an investment and savings deficit.
The economist praised the PNG government for their plans in investing into the nation’s infrastructure, and estimates that in the next ten years, the growth rate will be stronger due to these investments.
The question is however, what will happen if the government fails to follow-through with these plans to invest? Will the deficit turn bad? And if so, how bad will it turn?
On his part, fellow visiting economist Raymond Yeung from ANZ Greater China explained China’s position in the global market as well as the growing value of the RMB.
Yeung stated that the country has the biggest growing economy in the region as well as on a global stage, and it would be a good investment for Papua New Guinea, to begin capitalizing on the currency.
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