Papua New Guinea - an Emerging Economy in the South Pacific: Challenges and Prospects
HANDBOOK OF BUSINESS PRACTICES AND GROWTH IN EMERGING MARKETS
Posted: 22 Oct 2009
Date Written: October 22, 2009
Papua New Guinea (PNG) is the largest and most populated of all the Pacific Island countries. It is a developing nation with 15% of the population engaged in market economy and the remaining 85% of people engaged in farming. A prudent macroeconomic policy and favorable terms of trade trends have helped PNG 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 the challenges, the PNG economy has been performing well for the last few years. This chapter examines the challeges in the economy and explores the prospects that exist for the future development of countries economy. This chapter also delves into the recent economic trends of PNG.
Keywords: Emerging Markets, Growth, Business Practices, International Business, International Marketing, Developing Country, Transitional Economies
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