Economy of Papua New Guinea

Common card · No. 455073

The economy of Papua New Guinea (PNG) is largely underdeveloped with the vast majority of the population living below the poverty line. It is dominated by the agricultural, forestry, and fishing sector and the minerals and energy extraction sector. The agricultural, forestry, and fishing sector accounts for most of the labour force of PNG while the minerals and energy extraction sector, including gold, copper, oil and natural gas is responsible for most of the export earnings. PNG's GDP growth has been driven by the extraction industries and real GDP growth per capita has averaged 4% since mid-2000. The country has made significant progress investing proceeds from oil and gas in infrastructure building. As a result, its major cities like Port Moresby and Lae have received increased international investor attention, giving rise to an unprecedented building boom to exploit the opportunities presented by the country's rise as a regional economic leader in the South Pacific region. This is...

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