The National, Friday 7th September, 2012
ANZ chief economist Asia Pacific Paul Gruenwald will meet business leaders in Papua New Guinea next week to update the business community on recent economic developments in the region.
The visit to Port Moresby and Lae follows the release of the August edition of ANZ’s Pacific Quarterly, which examined how PNG’s trade future is tied to China and emerging Asian markets.
Gruenwald’s visit to PNG is part of ANZ’s commitment in the Pacific to providing clients with high quality economic research and analysis.
“I’m delighted to return to PNG and provide perspectives on economic developments across Asia Pacific and the global economy,” he said.
“Given the growth opportunity in PNG, I’m keen to provide as much economic insight as I can to help the PNG business community benefit.”
Pacific trade growth over the past three decades has been impressive.
Starting at just US$0.4 billion in 1977, the Pacific has averaged an annual total trade expansion of 15.8% year-on-year to reach US$19.8 billion last year.
Gruenwald said: “China leads the ranking for trade with PNG, which suggests that the import basket of China matches the export basket of PNG.
“Located close to the fastest-growing region of the global economy, the Pacific should target emerging Asia for future export growth.
“Extraordinary growth in PNG should continue through 2012,” Gruenwald said.
“Government spending and ongoing construction of the LNG project should continue to support projected growth of 7% in 2012,” Gruenwald said.