TWO highly-respected economists have given a glowing report on the Papua New Guinea economy, debunking recent criticisms of the debt levels, deficit and budget financing.
ANZ Bank’s economists Raymond Yeung and Daniel Wilson made their presentations last week at breakfast before the business community and attended by Prime Minister Peter O’Neill.
The prime minister welcomed the economists’ assessment, who said: “We are focused on growing the economy for the future, that is why we are investing in infrastructure development, education, health, agriculture and small businesses.”
“We deliberately designed a deficit budget to drive growth, and that strategy is endorsed by the two experts in their presentation today,” O’Neill said.
Yeung is an expert on North Asia, advising on macroeconomic development and monetary policies, while Wilson advises the bank on the trend in the Pacific including Singapore and Indonesia.
In their presentation, the economists commended the government on focusing on infrastructure development.
They said improved infrastructure like roads and port facilities will promote further economic growth and progress.
They also said the economic growth for PNG in the medium-term was likely to rise, with current account pressure easing in the second half of this year.
Port Moresby (The National)
