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PNG Tipped to Continue as Economic Powerhouse
Source: radioaustralianews.net.au
Source Date: Wednesday, November 24, 2010
Focus: ICT for MDGs, Citizen Engagement
Country: Papua New Guinea
Created: Nov 29, 2010

Papua New Guinea is the economic powerhouse of the Pacific and is set to outperform Fiji in the next decade as it did in the last, according to a new report from the ANZ Bank.

 

The ANZ Bank says the size of the PNG economy and the pace of its economic growth now far surpasses that of Fiji.

 

ANZ Chief Pacific economist Paul Gruenwald says the resources boom will see PNG continue to outperform Fiji until at least 2020.

 

Despite the strong growth the report shows PNG still lags most Pacific countries on measures of personal economic well-being.

 

PNG's per capita gross domestic product is around one-third of that in Fiji.

 

Mr Gruenwald says he expects that to improve in the next ten years, with good management of the resources revenue by the PNG government, having significant potential to boost incomes and wealth.

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