Papua New Guinea Economic Update, September 2022 : Benefiting From High Commodity Prices

The Special Focus for this issue is on long-term growth, emphasizing the challenges PNG is facing. The chapter identifies the underlying challenges of low and volatile growth in the country and aims at starting a public discussion to better understand the problems and, thus, contribute to finding so...

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Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	Washington, DC 2022
Subjects:	ECONOMIC GROWTH MONETARY POLICY EXTERNAL SECTOR OUTLOOK AND RISKS PER CAPITA INCOME MACROECONOMIC VOLATILITY LABOR REALLOCATION TRENDS CAPITAL REALLOCATION TRENDS LABOR FORCE PATICIPATION NATURAL CAPITAL HUMAN CAPITAL GOVERNANCE AND INSTITUTIONS
Online Access:	http://documents.worldbank.org/curated/en/099020009142275189/P1793220e4e59d0e08ebb05316324bc183 http://hdl.handle.net/10986/38026

id	okr-10986-38026
recordtype	oai_dc
spelling	okr-10986-380262022-09-16T05:10:34Z Papua New Guinea Economic Update, September 2022 : Benefiting From High Commodity Prices World Bank ECONOMIC GROWTH MONETARY POLICY EXTERNAL SECTOR OUTLOOK AND RISKS PER CAPITA INCOME MACROECONOMIC VOLATILITY LABOR REALLOCATION TRENDS CAPITAL REALLOCATION TRENDS LABOR FORCE PATICIPATION NATURAL CAPITAL HUMAN CAPITAL GOVERNANCE AND INSTITUTIONS The Special Focus for this issue is on long-term growth, emphasizing the challenges PNG is facing. The chapter identifies the underlying challenges of low and volatile growth in the country and aims at starting a public discussion to better understand the problems and, thus, contribute to finding solutions. The modest headline economic growth in PNG has translated into meager per capita income growth in the past four decades. While the economy expanded by 3.2 percent on average during 1980-2021, per capita GDP recorded an average annual growth rate of only 0.9 percent. The gap in per capita income level compared to peer countries has typically widened. Despite being at a similar level of development in the 1970s and some progress gained in the early 1990s, PNG’s income level is diverging away from the EAP region. This calls for a renewed policy focus on boosting economic growth. A new growth strategy would need to address the three interrelated growth challenges that the economy is facing: (i) excessive macroeconomic volatility; (ii) low productivity growth; and (iii) excessive reliance on natural capital and not enough on human and institutional capital. 2022-09-15T19:46:51Z 2022-09-15T19:46:51Z 2022-09 Report http://documents.worldbank.org/curated/en/099020009142275189/P1793220e4e59d0e08ebb05316324bc183 http://hdl.handle.net/10986/38026 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo 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 en_US
topic	ECONOMIC GROWTH MONETARY POLICY EXTERNAL SECTOR OUTLOOK AND RISKS PER CAPITA INCOME MACROECONOMIC VOLATILITY LABOR REALLOCATION TRENDS CAPITAL REALLOCATION TRENDS LABOR FORCE PATICIPATION NATURAL CAPITAL HUMAN CAPITAL GOVERNANCE AND INSTITUTIONS
spellingShingle	ECONOMIC GROWTH MONETARY POLICY EXTERNAL SECTOR OUTLOOK AND RISKS PER CAPITA INCOME MACROECONOMIC VOLATILITY LABOR REALLOCATION TRENDS CAPITAL REALLOCATION TRENDS LABOR FORCE PATICIPATION NATURAL CAPITAL HUMAN CAPITAL GOVERNANCE AND INSTITUTIONS World Bank Papua New Guinea Economic Update, September 2022 : Benefiting From High Commodity Prices
geographic_facet	East Asia and Pacific Papua New Guinea
description	The Special Focus for this issue is on long-term growth, emphasizing the challenges PNG is facing. The chapter identifies the underlying challenges of low and volatile growth in the country and aims at starting a public discussion to better understand the problems and, thus, contribute to finding solutions. The modest headline economic growth in PNG has translated into meager per capita income growth in the past four decades. While the economy expanded by 3.2 percent on average during 1980-2021, per capita GDP recorded an average annual growth rate of only 0.9 percent. The gap in per capita income level compared to peer countries has typically widened. Despite being at a similar level of development in the 1970s and some progress gained in the early 1990s, PNG’s income level is diverging away from the EAP region. This calls for a renewed policy focus on boosting economic growth. A new growth strategy would need to address the three interrelated growth challenges that the economy is facing: (i) excessive macroeconomic volatility; (ii) low productivity growth; and (iii) excessive reliance on natural capital and not enough on human and institutional capital.
format	Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Papua New Guinea Economic Update, September 2022 : Benefiting From High Commodity Prices
title_short	Papua New Guinea Economic Update, September 2022 : Benefiting From High Commodity Prices
title_full	Papua New Guinea Economic Update, September 2022 : Benefiting From High Commodity Prices
title_fullStr	Papua New Guinea Economic Update, September 2022 : Benefiting From High Commodity Prices
title_full_unstemmed	Papua New Guinea Economic Update, September 2022 : Benefiting From High Commodity Prices
title_sort	papua new guinea economic update, september 2022 : benefiting from high commodity prices
publisher	Washington, DC
publishDate	2022
url	http://documents.worldbank.org/curated/en/099020009142275189/P1793220e4e59d0e08ebb05316324bc183 http://hdl.handle.net/10986/38026
_version_	1764488339789971456

Papua New Guinea Economic Update, September 2022 : Benefiting From High Commodity Prices

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