Treasurer describes national growth since independence as poor

The National National

TREASURER Ian Ling-Stuckey has described the national growth rate since independence as poor, either annually regressing by 0.5 per cent annually in per capita terms, or progressing by less than 1 per cent.
“This is just not good enough. It means that PNG is going backwards relative to other countries in terms of inclusive development,” he said.
Ling-Stuckey agreed with the World Bank’s country director for PNG and the Pacific Stephen Ndegwa that PNG must do better.
“We noted the gains already being made by the Government. We also discussed what more could be done,” he said.
The World Bank is producing an updated country economic memorandum focusing on long-term inclusive growth, with three key areas identified for progress:

  • SEEKING stability-budget repair;
  • BOOSTING productivity – employment and new sector; and,
  • EXPANDING endowment-human capital and youth.

“This Government has established the 13-year plan to fix the economy, bringing the budget back to surplus by 2027 and then paying debt,” he said. “The World Bank strongly encouraged PNG to continue with budget repair.
“They also indicated that there was a need to raise additional taxes, especially getting a better return from the resource sector.
“They highlighted that PNG receives much less returns from the natural resource sector than most other countries.”
Ling-Stuckey said actions were being taken to focus on the agriculture sector.
“The more than 1000 per cent increase in our labour mobility programme is another concrete example,” he said.
“I also indicated the Government’s strong support for actions to improve women’s inclusion in our economy.”