Papua New Guinea Economic Update, January 2020 : Facing Economic Headwinds
Papua New Guinea’s economy continues to face economic headwinds resulting from global and domestic economic uncertainties. PNG’s real GDP, despite rebounding to 5.6 percent in 2019, is expected to fall and hover at around 3 percent on average betwe...
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| Language: | English |
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World Bank, Washington, DC
2020
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| Online Access: | http://documents.worldbank.org/curated/en/584121580926099153/Papua-New-Guinea-Economic-Update-Facing-Economic-Headwinds http://hdl.handle.net/10986/33288 |
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okr-10986-332882021-05-25T09:32:17Z Papua New Guinea Economic Update, January 2020 : Facing Economic Headwinds World Bank ECONOMIC GROWTH FISCAL TRENDS MONETARY POLICY EXTERNAL SECTOR RISKS ECONOMIC OUTLOOK HUMAN CAPITAL INCLUSIVE GROWTH EDUCATION LABOR SKILLS DEVELOPMENT EMPLOYMENT POVERTY REDUCTION Papua New Guinea’s economy continues to face economic headwinds resulting from global and domestic economic uncertainties. PNG’s real GDP, despite rebounding to 5.6 percent in 2019, is expected to fall and hover at around 3 percent on average between 2020¬ and 2022, posing many negative risks, including exposure to unexpected external shocks or potential domestic political and economic turbulence. Projected GDP growth rates are lower than our previous forecasts, mainly due to delays in finalizing agreements and launching implementation of large new resource projects. The other major factor that impacted the downgrade in the growth outlook include heightened global uncertainty due to (i) a partial nature of the recent trade deal between the United States and China and (ii) a fresh emergence of new risks to Chinese and global growth, including a novel coronavirus. The report also provides an in-depth examination of the relationship between inclusiveness of growth and human capital (the health, knowledge, skills and resilience people accumulate). The report evaluates the implications of recent trends and policy reforms alongside the government’s stated development objectives, emphasizing that increased investment in human capital will be a critical prerequisite to achieving quality and inclusive growth in PNG. 2020-02-06T16:00:30Z 2020-02-06T16:00:30Z 2020-01-31 Report http://documents.worldbank.org/curated/en/584121580926099153/Papua-New-Guinea-Economic-Update-Facing-Economic-Headwinds http://hdl.handle.net/10986/33288 English CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work Economic & Sector Work :: Economic Updates and Modeling East Asia and Pacific Papua New Guinea |
| repository_type |
Digital Repository |
| institution_category |
Foreign Institution |
| institution |
Digital Repositories |
| building |
World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ECONOMIC GROWTH FISCAL TRENDS MONETARY POLICY EXTERNAL SECTOR RISKS ECONOMIC OUTLOOK HUMAN CAPITAL INCLUSIVE GROWTH EDUCATION LABOR SKILLS DEVELOPMENT EMPLOYMENT POVERTY REDUCTION |
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ECONOMIC GROWTH FISCAL TRENDS MONETARY POLICY EXTERNAL SECTOR RISKS ECONOMIC OUTLOOK HUMAN CAPITAL INCLUSIVE GROWTH EDUCATION LABOR SKILLS DEVELOPMENT EMPLOYMENT POVERTY REDUCTION World Bank Papua New Guinea Economic Update, January 2020 : Facing Economic Headwinds |
| geographic_facet |
East Asia and Pacific Papua New Guinea |
| description |
Papua New Guinea’s economy continues to
face economic headwinds resulting from global and domestic
economic uncertainties. PNG’s real GDP, despite rebounding
to 5.6 percent in 2019, is expected to fall and hover at
around 3 percent on average between 2020¬ and 2022, posing
many negative risks, including exposure to unexpected
external shocks or potential domestic political and economic
turbulence. Projected GDP growth rates are lower than our
previous forecasts, mainly due to delays in finalizing
agreements and launching implementation of large new
resource projects. The other major factor that impacted the
downgrade in the growth outlook include heightened global
uncertainty due to (i) a partial nature of the recent trade
deal between the United States and China and (ii) a fresh
emergence of new risks to Chinese and global growth,
including a novel coronavirus. The report also provides an
in-depth examination of the relationship between
inclusiveness of growth and human capital (the health,
knowledge, skills and resilience people accumulate). The
report evaluates the implications of recent trends and
policy reforms alongside the government’s stated development
objectives, emphasizing that increased investment in human
capital will be a critical prerequisite to achieving quality
and inclusive growth in PNG. |
| format |
Report |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Papua New Guinea Economic Update, January 2020 : Facing Economic Headwinds |
| title_short |
Papua New Guinea Economic Update, January 2020 : Facing Economic Headwinds |
| title_full |
Papua New Guinea Economic Update, January 2020 : Facing Economic Headwinds |
| title_fullStr |
Papua New Guinea Economic Update, January 2020 : Facing Economic Headwinds |
| title_full_unstemmed |
Papua New Guinea Economic Update, January 2020 : Facing Economic Headwinds |
| title_sort |
papua new guinea economic update, january 2020 : facing economic headwinds |
| publisher |
World Bank, Washington, DC |
| publishDate |
2020 |
| url |
http://documents.worldbank.org/curated/en/584121580926099153/Papua-New-Guinea-Economic-Update-Facing-Economic-Headwinds http://hdl.handle.net/10986/33288 |
| _version_ |
1764478401881571328 |