November 24, 2015

Investments to help PNG become fastest growing economy

Asia is continuously becoming the driving factor in terms of global growth in the past couple of years.

This has given Papua New Guinea a challenge to boldly look into this as there are also bigger opportunities for the country.

Partner, Deloitte Access Economics Stephen Smith, while commenting on the international perspective of the mineral commodity price trends and impacts on PNG, said that the economic implications for PNG look positive despite the fact that copper grades are declining.

Mr Smith noted in his presentation that China continues to remain at the top of the markets with a bigger impact as its growth is unstable.

He stated that PNG will be the fastest growing economy in the near future through significant investments due to its end results of being in a safer state since Europe has an increase of 4 per cent since 2006 in terms of prices.

"The country is expected to be seeing more improvements and opportunities in these challenging times of the industry because of the potential the industry has," Smith said.

China’s growth has been based on agriculture and business, however, PNG can double that because of its upcoming projects in the Mining and Petroleum sector.