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Old 04-04-2017, 02:35 PM
Cool_Guy1 Cool_Guy1 is offline
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Macroeconomic Overview for 2017

According to the Bank of Papua New Guinea's latest (March 2017) monetary policy statement, the economy shrank from double digit growth rates experienced in 2014 and 2015, 12.5 and 11.8 respectively, to 2.0 percent growth forecast for 2016 and 2.8 percent in 2017. The outlook for 2018 and 2019 are 2.7 percent growth of the economy.

On the other hand, annual headline inflation was 6.6, 6.4 and 6.6 percent in 2014, 2015 and 2016 respectively, while forecast for 2017, 2018 and 2019 are at 6.5, 6.0 and 5.5 percent respectively.

According to the document, the government is looking towards financing its budget deficit through external sources, however, if it does not source the finances externally, the government will seek domestic financing, which, most of the financiers, who are the big banks have reached their limits on lending to the government.

Given this bleak scenario, the new government coming in after the election should have people with brains to run the country, rather than a repeat of brainless idiots who just know how to spend money and not knowing where to generate much needed income. A rescue package is much needed to stimulate growth and come out of the debt burden.
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