By Leanne Jorari – EMTV News, Port Moresby
The APEC region is experiencing broad-based economic growth that has seen significant contributions from trade and household spending; short term GDP growth projections have seen a growth of 4.1 per cent between 2017 and 2018 and are expected to continue in the near term.
Growth in the APEC region, which accounts for half of global trade and 60 per cent of world GDP, surged to a healthy 4.1 per cent in 2017 from 3.4 per cent in 2016. High growth is expected to be maintained in 2018-2019.
According to the recent APEC Regional Trends Analysis, APEC economies continue to strengthen but this growth depends on market openness and integration in the Asia-Pacific.
According to the Director for the APEC Policy Support Unit, Papua New Guinea being the smallest and least developed economy in the APEC region, factors in through the nations mining sector and a significant growth in commodities.