13 Feb 2019 – PNG employment and rebound in growth thanks to Mining and Petroleum

The PNG Chamber of Mines and Petroleum today welcomed a report by the World Bank that has forecasted that new large-scale resource projects could boost Papua New Guinea’s real Gross Domestic Product (GDP) to five percent this year.
The World Bank last week released its February 2019 edition of the PNG Economic Update which outlined PNG’s economic situation and medium-term development prospects.
The report stated that the country’s medium-term economic outlook was optimistic if proposed largescale resource projectsare approved, and that real GDP growth was forecast to rebound this year as major mineral and petroleum export projects return to full production following the 2018 earthquake.
The report further found that jobs in the extractives sector continued to grow in 2018, while overall employment in other sectors fell. Read more …

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