Publication: Papua New Guinea Country Economic Memorandum: Pathways to Faster and More Inclusive Growth
Date
2023-07-13
ISSN
Published
2023-07-13
Author(s)
World Bank
Abstract
The Country Economic Memorandum (CEM)
focuses on long-term growth, outlining the challenges Papua
New Guinea (PNG) faces to achieve sufficient economic growth
to expand the incomes of its rapidly growing population as
well as what is required for PNG to make the transition to a
higher, more stable, and more inclusive growth path. PNG’s
modest headline economic growth has translated into limited
per capita income growth in the past four decades. While the
economy expanded by 3.2 percent on average during 1980-2021,
per capita gross domestic product (GDP) recorded an average
annual growth rate of only 0.9 percent. Moreover, the gap
between PNG’s per capita income level and those of its peer
countries has widened. Despite being at a similar level of
development in the 1970s and having enormous natural wealth,
PNG’s income level is diverging away from the East Asia and
Pacific (EAP) region. This calls for a renewed policy focus
on boosting economic growth, by addressing PNG’s excessive
macroeconomic volatility, low productivity growth, and high
reliance on natural capital as opposed to human and physical capital.
Link to Data Set
Citation
“World Bank. 2023. Papua New Guinea Country Economic Memorandum: Pathways to Faster and More Inclusive Growth. © Washington, DC: World Bank. http://hdl.handle.net/10986/39995 License: CC BY-NC 3.0 IGO.”