Publication:
Papua New Guinea Economic Update, January 2020: Facing Economic Headwinds

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dc.contributor.authorWorld Bank
dc.date.accessioned2020-02-06T16:00:30Z
dc.date.available2020-02-06T16:00:30Z
dc.date.issued2020-01-31
dc.description.abstractPapua New Guinea’s economy continues to face economic headwinds resulting from global and domestic economic uncertainties. PNG’s real GDP, despite rebounding to 5.6 percent in 2019, is expected to fall and hover at around 3 percent on average between 2020¬ and 2022, posing many negative risks, including exposure to unexpected external shocks or potential domestic political and economic turbulence. Projected GDP growth rates are lower than our previous forecasts, mainly due to delays in finalizing agreements and launching implementation of large new resource projects. The other major factor that impacted the downgrade in the growth outlook include heightened global uncertainty due to (i) a partial nature of the recent trade deal between the United States and China and (ii) a fresh emergence of new risks to Chinese and global growth, including a novel coronavirus. The report also provides an in-depth examination of the relationship between inclusiveness of growth and human capital (the health, knowledge, skills and resilience people accumulate). The report evaluates the implications of recent trends and policy reforms alongside the government’s stated development objectives, emphasizing that increased investment in human capital will be a critical prerequisite to achieving quality and inclusive growth in PNG.en
dc.identifierhttp://documents.worldbank.org/curated/en/584121580926099153/Papua-New-Guinea-Economic-Update-Facing-Economic-Headwinds
dc.identifier.doi10.1596/33288
dc.identifier.urihttps://hdl.handle.net/10986/33288
dc.languageEnglish
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectECONOMIC GROWTH
dc.subjectFISCAL TRENDS
dc.subjectMONETARY POLICY
dc.subjectEXTERNAL SECTOR
dc.subjectRISKS
dc.subjectECONOMIC OUTLOOK
dc.subjectHUMAN CAPITAL
dc.subjectINCLUSIVE GROWTH
dc.subjectEDUCATION
dc.subjectLABOR SKILLS DEVELOPMENT
dc.subjectEMPLOYMENT
dc.subjectPOVERTY REDUCTION
dc.titlePapua New Guinea Economic Update, January 2020en
dc.title.subtitleFacing Economic Headwindsen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titlePapua New Guinea Economic Update, January 2020
okr.date.disclosure2020-02-05
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/584121580926099153/Papua-New-Guinea-Economic-Update-Facing-Economic-Headwinds
okr.guid584121580926099153
okr.identifier.doi10.1596/33288
okr.identifier.externaldocumentum090224b0875a57ab_2_0
okr.identifier.internaldocumentum31759628
okr.identifier.report145756
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/584121580926099153/pdf/Papua-New-Guinea-Economic-Update-Facing-Economic-Headwinds.pdfen
okr.region.administrativeEast Asia and Pacific
okr.region.countryPapua New Guinea
okr.topicEducation::Education For All
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Fiscal & Monetary Policy
okr.topicPoverty Reduction::Employment and Shared Growth
okr.topicSocial Protections and Labor::Skills Development and Labor Force Training
okr.unitEFI-EAP-MTI-MacroFiscal-2 (EEAM2)
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