Monday June 5, 2017
The Economist Intelligence Unit (The EIU), the research and analysis division of The Economist Group, indicated that conditions in 2017 are likely to be more favourable for PNG than in 2016, when the economy was hard hit by weak global commodity prices, which weighed on fiscal and export revenue.
In 2018, The EIU expects a slowdown in the rate of expansion, as these positive factors wane and weaken global growth, resulting from a sharp slowdown in China, weigh on export revenue and investor confidence. However, PNG’s economic ties with Australia will remain strong and relations with China are likely to deepen across 2017-21. Characterised both by high potential and risk, PNG’s economic climate is impacted by a significant exposure to the mining industry. The EIU continues to expect increasing infrastructural investment in the development of new capacity owing factors such as the predicted growth in demand for LNG from Asia.
According to Dr Simon Baptist of The Economist Intelligence Unit, “The resulting investment spending will support a lift in economic growth from 2019, but the economic benefits will largely occur post 2021.”
The outlook comes as The Port Moresby Chamber of Commerce & Industry Inc. (POMCCI) announces that Dr Simon Baptist, Global Chief Economist, The Economist Intelligence Unit will be a keynote speaker on Day 1 of the PNG International Business Summit to be held on August 22-23 at the Brisbane Convention & Exhibition Centre.
About Dr Simon Baptist
Simon Baptist is the Global Chief Economist at The Economist Intelligence Unit. He is responsible for providing intellectual leadership for the EIU’s coverage, for ensuring that economic and political analysis and forecasts are the best available for international decision-makers, and for managing a global team of economists, consultants and editors.
Simon is an experienced economist who has previously spent time as a lecturer at Oxford University and as an economics consultant advising many governments, multinational corporations and international organisations around the world.
He has a doctorate in economics from Oxford University, where his research investigated productivity and technology in emerging-market manufacturing firms. He also has degrees in economics and science from the University of Tasmania.
About The Economist Intelligence Unit
The Economist Intelligence Unit (EIU) has been providing information and advisory services to the global business community for more than 60 years. The EIU has a wide global network of regional and country offices, supported by an extensive network of consultants and analysts reporting from virtually every major capital. EIU editors are recognised experts in business and economic analysis; in the spirit of The Economist newspaper, they are encouraged to challenge conventional wisdom, and that projects with corporate clients deliver results of the highest quality.
About the 2017 PNG International Business Summit
The 2017 PNG International Business Summit will be held over two days August 22 and August 23 at the Brisbane Convention & Exhibition Centre.
A major theme of the Summit will be the evolution of the nation’s capital Port Moresby as an emerging city in the South East Asia region, and as a driver of economic development throughout Papua New Guinea.
Registration for the 2017 PNG International Business Summit is now open via www.pomfuturecity.com
Regular updates are posted on Facebook at www.facebook.com/pomfuturecity
The Facebook page has a growing footprint of over 5,000 followers.