Living standards ‘to improve’

By REBECCA KUKU
Living standards are expected to improve this year with an economic growth rate of 3.3 per cent, says Treasurer Ian Ling-Stuckey.
Ling-Stuckey said the economic prospects continued to improve with the growth rate expected to increase to 3.8 per cent by 2021.
He said the increasing growth rate was in contrast to that experienced during former Prime Minister Peter O’Neill’s term.
“The real non-resource GDP growth rate from 2015 to 2019 averaged only 1.1 per cent. This was a national disgrace,” Ling-Stuckey said.
“Shame on the former Prime Minister’s government for failing the people of Papua New Guinea and for driving down their living standards,” he said.
Ling-Stuckey also blamed the former government led by the Ialibu-Pangia MP for cutting down employment levels in the country and said O’Neill should to be “ashamed for moving PNG to effectively a failed status”.
“But fortunately, the growth figure is still slightly higher in the sectors that affect most of our people.
“Growth in the agriculture and forestry sector is expected to be 3.4 per cent.
“Another economic sector that is expected to do really well is the information and communication sector which is expected to grow at eight per cent and this reflects better communications access flowing from the Coral Sea Cable,” Ling-Stuckey said.
He said the country’s budget and growth forecasting was starting to be more balanced and even conservative.
“As Treasurer, I prefer to base our budget and growth forecasts on a conservative rather than an optimistic basis.”
“For it is easier to adjust for the upside than the downside,” he said.