Barker warns of need for steady growth to offset fluctuations

PAPUA New Guinea’s revenue growth in the non-resource sector is very much dependent on global fluctuations, therefore, stability and steady growth are important, says Institute of National Affairs director Paul Barker.
“Papua New Guinea benefits from other people’s problems, sorry to say that,” he said.
“When there is a drought in Brazil, we actually get a boost in the coffee price.
“If you get a civil war in Sierra Leone, you get a boost in the cocoa price.
“Whenever the Middle East goes into conflict, which is periodic, the oil price goes up.
“We benefit all because of these fluctuations.
“What we need to do is have stability and a steady growth, particularly in the non-resource sector, and make sure that the resource sector actually translates into something that we are benefiting from.”
Barker said Papua New Guinea was in the ironic situation of being a resource-rich country but drawing income from personal income tax and business tax.