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May 7, 2021

GDP Outrides Projections

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Away from Kandep and on a much brighter side,the treasurer had some good news onthe economy.

Don Polye’says Papua New Guinearsquo;s GDP Growth continues to outridethe economic forecast released late last year.

It was projected that growth would stand at 4% this year however; Minister Polye revealed that GDP will grow by 5.9% and inflation will drop from its projected figures.

Making this known during an EMTV’s BusinessPNG interview, the Treasure’s message tothe nation is simple- despitethe difficult circumstances brought on by fluctuating global markets, it isn’t all that bad for Papua New Guiana.

GDP for instance has risen to 5.9% fromthe projected 4% whileInflation has been downgraded from 8% to 6%.

Much of this is attributed tothe good working relationship betweenthe monetary arm ofthe government represented bythe Bank oPNG andthe Fiscal policies performed bythe Treasury Department.

Minister Polye’says macroeconomic stability continues to generate confidence inthe economy. Foreign investments are expected to grow despitethe outside influences.

Foreign reserves, for instance, stand at about K7 to K8 billion and will continue to grow inthe next 12 months.


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