‘K75b increase in GDP by 2030’

National, Normal

PAPUA New Guinea can expect its gross domestic product to increase from its current K23 billion per annum to K98 billion by 2030.
This was the bold statement issued in Parliament yesterday by National Planning and District Development Minister Paul Tiensten when discussing the development strategic plan (DSP) 2010-30.
He said by utilising its development modelling capabilities and quantitative analysis, the Government was able to frame a 20-year plan that had clear targets for each sector of the economy.
“The plan was developed in close consultation with all sectors of Government,” Mr Tiensten said.
“In putting together the plan, we were guided by three important questions of where PNG as a country was now, where it wanted to be, and how it would get there.”
He said the DSP 2010-30 would:
* Sustain a huge economic growth performance at 8% per annum in real terms;
* Create over two million additional jobs by 2030;
* Crime will be reduced by 55% which will increase private investment by K2.5 billion per annum;
* By 2030, 20% of traditional land will be made available for commercial use, appropriate land reform models will be used to ensure landowners maximise their benefits from rents and, as equity participants, will lead to an increase in national income by K12.7 billion over the next 20 years; and
* Tax revenue will rise significantly from its current K6 billion per annum to K33 billion by 2030.
Mr Tiensten said the investments would stimulate intense economic activity, boost
employment, generate expansions in agriculture output and tourism and reduce law and order problems and reverse the rural-to-urban drift.
“The heart of the plan is to revolutionise the under-developed rural poverty corridors of this country into rural economic corridors.
“The development of economic corridors will transform the poverty corridors of rural PNG into service hubs,” he said.
“It is the only plan that has been modelled so that we, as leaders, can clearly see where we are heading and provide the leadership and clear policy directions towards achieving these common objectives,” Mr Tiensten said.