Papua New Guinea an Emerging Economy in the South Pacific: Challenges and Prospects

HANDBOOK OF BUSINESS PRACTICES AND GROWTH IN EMERGING MARKETS, Satyendra Singh, ed., World Scientific Publishing Company PTE LTD, Forthcoming

Posted: 4 Feb 2009

See all articles by Ravinder Rena

Ravinder Rena

Papua New Guinea University of Technology; Polytechnic of Namibia; University of the Western Cape; North-West University; Papua New Guinea University of Technology

Multiple version iconThere are 2 versions of this paper

Date Written: February 3, 2009

Abstract

Papua New Guinea (PNG) is the largest and most populated of all the Pacific Island countries. It is a developing nation with 15 percent of the population engaged in market economy and the remaining 85 per cent of people engaged in the farming. A prudent macroeconomic policy and favourable terms of trade trends has helped Papua New Guinea maintain macroeconomic stability, strong external balances and solid economic growth over the past five years. The country, however, faces difficult development challenges, including weaknesses in governance, infrastructure, human development, the business climate, public financial management, security, and service delivery. Despite of the challenges the PNG economy has been performing better for the last few years. This paper examines the challenges in the economy and explores the prospects that exist for the future development of countries economy. The paper also delves the recent economic trends of PNG.

Keywords: Papua New Guinea, South Pacific, economy, mining and petroleum industries, budget management

JEL Classification: D24, E2, E31, E42

Suggested Citation

Rena, Ravinder, Papua New Guinea an Emerging Economy in the South Pacific: Challenges and Prospects (February 3, 2009). HANDBOOK OF BUSINESS PRACTICES AND GROWTH IN EMERGING MARKETS, Satyendra Singh, ed., World Scientific Publishing Company PTE LTD, Forthcoming. Available at SSRN: https://ssrn.com/abstract=1337363

Ravinder Rena (Contact Author)

Papua New Guinea University of Technology ( email )

Private Mail Bag 411
Lae, Morobe 411
Papua New Guinea

HOME PAGE: http://www.unitech.ac.pg

Polytechnic of Namibia ( email )

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Private Bag 13388
Windhoek, Khomas 13388
Namibia

HOME PAGE: http://www.polytechnic.edu.na

University of the Western Cape ( email )

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Economics, Faculty of Economic and Management Scie
Bellville, Western Cape 7535
South Africa
0027219593624 (Phone)
0027219593201 (Fax)

HOME PAGE: http://www.uwc.ac.za

North-West University ( email )

Hoffman Street
Potchefstroom, 2520
South Africa

HOME PAGE: http://www.nwu.ac.za

Papua New Guinea University of Technology ( email )

Private Mail Bag 411
Lae, Morobe 411
Papua New Guinea

HOME PAGE: http://www.unitech.ac.pg

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