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Papua New Guinea Economic Update, May 2024: Invest in Your Children

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dc.contributor.authorWorld Bank
dc.date.accessioned2024-05-28T16:18:20Z
dc.date.available2024-05-28T16:18:20Z
dc.date.issued2024-05-28
dc.description.abstractThe economy has recovered to pre-COVID level but remains below its pre-COVID trajectory. The COVID-19 crisis led to an economic contraction in 2020-21 before recovering by 5.2 percent in 2022. The recovery in the extractive sector was driven by significant improvement in international prices of key export commodities, although the shutdown of the Porgera gold mine limited the rebound. Growth is estimated to have slowed down to 2.7 percent in 2023, primarily attributed to reduced global demand and domestic supply constraints stemming from scheduled maintenance in extractive facilities. Growth is projected to accelerate in 2024, mostly due to reopening of the Porgera gold mine. The mine restarted operations in 2024Q1 and is expected to reach its normal levels of production by mid-year. Meanwhile, growth could have been even faster, but brief violence and looting in January 2024 put a toll on the economy. According to the Business Council, the loss to the economy was not only from physical losses of assets and property, but also in forgone business revenue, which could lower tax collections and reduce the appetite to invest. In addition, the dispute between authorities and main fuel importer led to disruptions in fuel provision to businesses and households, further slowing down economic activity. The medium-term growth is expected to settle at 3 percent. There are both upside and downside risks to the outlook. The baseline projection does not account for potential new resource mega-projects, like Papua LNG. Thus, the final investment decision and the initiation of construction present an upside risk to the outlook. Meanwhile, slower-than-expected economic growth could materialize through lower demand for PNG’s exports, a more pronounced decline in commodity prices, and the impact of droughts and other climate-related events. Keeping up with the strengthened macroeconomic framework will help mitigate these risks.en
dc.identifierhttp://documents.worldbank.org/curated/en/099052224205518681/P5004111278fca0401989c11f0c82cc21ed
dc.identifier.doi10.1596/41602
dc.identifier.urihttps://hdl.handle.net/10986/41602
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo
dc.subjectPNG EU
dc.subjectECONOMIC GROWTH
dc.subjectHUMAN CAPITAL
dc.subjectCHILDREN
dc.subjectQUALITY EDUCATION
dc.subjectSDG 4
dc.titlePapua New Guinea Economic Update, May 2024en
dc.title.subtitleInvest in Your Childrenen
dc.typeReport
dspace.entity.typePublication
okr.crossref.titlePapua New Guinea Economic Update, May 2024: Invest in Your Children
okr.date.disclosure2024-05-28
okr.date.lastmodified2024-05-23T00:00:00Zen
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/099052224205518681/P5004111278fca0401989c11f0c82cc21ed
okr.guid099052224205518681
okr.identifier.docmidP500411-278fca14-ae11-4440-989c-1f0c82cc21ed
okr.identifier.doihttps://doi.org/10.1596/41602
okr.identifier.externaldocumentum34323339
okr.identifier.internaldocumentum34323339
okr.identifier.report190562
okr.import.id4267
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099052224205518681/pdf/P5004111278fca0401989c11f0c82cc21ed.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryPapua New Guinea
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicEducation::Effective Schools and Teachers
okr.topicEducation::Knowledge for Development
okr.unitEFI-EAP-MTI-MacroFiscal-2 (EEAM2)
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