Economy set to ‘break barrier’

TREASURER Ian Ling-Stuckey says Papua New Guinea’s economy will break the K100 billion barrier next year.
“As highlighted in Budget 2022, the economy is expected to grow from K93 billion to K101.7 billion,” he said in Tufabi village in the Tikana local level government area in New Ireland last Sunday. Our vital non-resource economy is expected to increase by 3.5 per cent in real terms, with election-related spending expected to provide a boost to activity in the non-resource economy.
“Including the mining sector, growth is estimated to be 5.4 per cent. This reflects the expected recommencement of Porgera mine and improvements in Ok Tedi mine production.
“Inflation in 2022 is expected to be 5.6 per cent.
“The 13-year fiscal plan set out in the Budget is based on a realistic plan to return to growth in our non-resource sector to 5 per cent after deducting inflation.
“The plan makes the conservative assumption of not including any of the resource projects in the pipeline until after the companies announced their final investment decisions.
“Even after including only growth in agriculture, fisheries, forestry, retail and wholesale trade, construction, banking and other service sectors, the economy will grow to reach K150 billion in 2028, and K200 billion in 2031.
“These are the benefits of a sensible, focused fiscal and growth plan.”