Forecast for our economy upbeat: Sir Rabbie

THERE is a strong underlying confidence in the major development projects being actively pursued and the forecasts for the economy remain extremely positive, Kina Asset Management Ltd (KAML) chairman Sir Rabbie Namaliu said.
“In fact, PNG’s real gross domestic product is forecast to grow by approximately 8.5% during 2009,” Sir Rabbie said.
He told KAML shareholders and reporters at the annual general meeting in Port Moresby that the local currency, whilst showing some weakness of late, was expected to show strength as the PNG liquefied natural gas (LNG) developed  into a full-scale projects.
“There is a strong confidence in the major development projects now being actively pursued across PNG.
“The on-going success of the multi-billion LNG project continues to deliver a strong message to the global business community that PNG now has the maturity, ability and resourses in places to sustain major development project.
“The LNG project not only stands to create thousands of employment opportunities, but would inject billions of kina back into the domestic economy.”