By Cynthia Maku
The World Bank has found that there is a big gender gap in building the economy of the country.
This was revealed in an economy seminar hosted by the World Bank earlier this week.
World Bank’s Senior Country Economist for PNG, Ruslan Piontkivsky stated that the Gross Domestic Product (GDP) per capita for the country is not growing in a steady rate compared to the growth of the population.
“3% growth is not enough with high population growth, GDP growth should be 6 to 7 or 8%,” Piontkivsky said.
He said there is a need to boost productivity in terms of the country’s ability to use its given resources like the human resource. Currently there is a big gender gap in the economy where women are not seen being actively participating in the country’s economy.
“If labour participation from women will be the same as men, the longer term GDP per capita will be 20%. There is a big economic cost of not utilizing women labour” Piontkivsky said.
The World Bank has also found that too much regulations have been put on business therefore businesses cannot create more job opportunities.
World Bank stated that they are very optimistic to work with PNG to help the country’s economic status.
