By MALUM NALU
Nurturing the private sector and improving public service is key to foster growth in Papua New Guinea’s economy over the next 10 years, according to a new report from the Asian Development Bank, The National reports.
The report, Diagnosing PNG’s Critical Development Constraints, was launched at the University of PNG last night.
It studies the dramatic improvements in the PNG economy over the last 10 years, during which time, benefits of economic growth have been small with mounting evidence of growing inequality and declining social indicators across many parts of the country.
ADB PNG country director Charles Andrews said the PNG economy had transformed over the last decade with stable government finances, private investment and high commodity prices boosting income and employment.
“However, for many citizens, the benefits of economic growth have been small with mounting evidence of growing inequality and declining social indicators across many parts of the country,” he said.
“PNG has one of the highest levels of income inequality in Asia and the Pacific.
“There is a huge geographical divide too, with 94% of PNG’s poor living in rural areas.
“Poor roads between farms and national and international markets, coupled with high cost of finance, have held back development in agricultural areas.
“Creating a more-favorable environment for private enterprises to flourish would encourage economic diversification and competition as reforms in the telecommunications, aviation and financial services sectors over the past 10 years unleashed widespread benefits for the PNG population.”
The report said the government should strive to improve the quality of public services such as transport, electricity and water systems.
“Better education and health services would improve the livelihood prospects for all Papua New Guineans, helping to provide the foundation for sustained economic growth,” Andrews said.
“Many of the recommendations outlined in the report are line with the government’s development programme, Vision 2050.”
Papua New Guinea joined ADB in 1971 and is ADB’s largest partner in the Pacific in terms of loans for public and private sector investment.
Nurturing the private sector and improving public service is key to foster growth in Papua New Guinea’s economy over the next 10 years, according to a new report from the Asian Development Bank, The National reports.
The report, Diagnosing PNG’s Critical Development Constraints, was launched at the University of PNG last night.
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| National Planning and Monitoring secretary Dr Peter Kora, ADB country economist Aaron Batten and UPNG vice-chancellor Prof Ross Hynes with copies of the report at UPNG last night.-Nationalpic by MALUM NALU |
It studies the dramatic improvements in the PNG economy over the last 10 years, during which time, benefits of economic growth have been small with mounting evidence of growing inequality and declining social indicators across many parts of the country.
ADB PNG country director Charles Andrews said the PNG economy had transformed over the last decade with stable government finances, private investment and high commodity prices boosting income and employment.
“However, for many citizens, the benefits of economic growth have been small with mounting evidence of growing inequality and declining social indicators across many parts of the country,” he said.
“PNG has one of the highest levels of income inequality in Asia and the Pacific.
“There is a huge geographical divide too, with 94% of PNG’s poor living in rural areas.
“Poor roads between farms and national and international markets, coupled with high cost of finance, have held back development in agricultural areas.
“Creating a more-favorable environment for private enterprises to flourish would encourage economic diversification and competition as reforms in the telecommunications, aviation and financial services sectors over the past 10 years unleashed widespread benefits for the PNG population.”
The report said the government should strive to improve the quality of public services such as transport, electricity and water systems.
“Better education and health services would improve the livelihood prospects for all Papua New Guineans, helping to provide the foundation for sustained economic growth,” Andrews said.
“Many of the recommendations outlined in the report are line with the government’s development programme, Vision 2050.”
Papua New Guinea joined ADB in 1971 and is ADB’s largest partner in the Pacific in terms of loans for public and private sector investment.
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