Papua New Guinea’s is now in its 15th successive year of positive economic growth, with rates rising progressively until 2011, but declining since then, apart from the leap in 2014/15 associated with the commencement of production from PNGLNG.
IMPACT OF FOREIGN EXCHANGE ON AGRICULTURE EXPORTS AND IMPORTS
The gross domestic product (GDP) of Papua New Guinea (PNG) grew at an annual average rate of nearly 7% between 2007 and 2010, and is expected to perform even better in 2011. Moreover, the economy remained unaffected even at the peak of the global economic crisis, when most other major Southeast Asian and Pacific economies recorded low or negative GDP growth rates. Sound macroeconomic management in the recent past and planned initiatives such as the PNG LNG Project indicate that the economy will continue to perform well in the medium to long run.
The economic growth outlook for developing Asia remains vibrant. AsianDevelopment Outlook 2018 foresees continued momentum after growth accelerated to 6.1% in 2017. The region is expected to expand by 6.0% in