Report: PNG rising with strong economic future

THIS year’s Mid Year Economic and Fiscal Outlook (MYEFO) released last week is a  significant analysis on the future of Papua New Guinea.
Released by the Treasury, it showed the strength of the country as a significant emerging nation poised to have a bright and strong economic future.
Kina Securities Ltd chief executive officer Syd Yates yesterday said the report builds on the continuing strong economic news which continues to flow from the Asian and other regional economies keen to work with PNG to develop a diversity of resource opportunities.
Yates said the importance of the review document was the depth of the analytical evidence of the long-term steady growth of the PNG economy and the sound management which helped steer the nation through the worst of the global financial crisis.
“It is doubly important when compared with the more mature nations in the northern hemisphere, both in North America and Europe, where the recovery process continues to be mixed and international intervention and support is still necessary to maintain the survival of major national economies,” he said.
“The MYEFO reveals that gross domestic product (GDP) is expected to continue to grow very strongly this year, with the start of the PNG LNG and other mining-related projects, together with a rebound in a number of sectors following softer conditions last year.”
He stressed the report pointed out that economic output was estimated to have expanded for nine successive years, representing the longest period of uninterrupted economic growth in PNG.