Posted By Staff Reporter
A K200 billion economy will give Papua New Guinea the economic space it needs to finance the nation’s development. Prime Minister James Marape said that since his election as Prime Minister in 2019, he had held firm on his view that PNG had the potential to transform the nation into a K200 billion economy. “This requires that we evolve from a mindset of dependency on Government, wantoks and foreign aid to one of economic independence, where we harness economic opportunities available in our country and invest in growth,” he said. “Our Government’s election victory was a vote-of-confidence in the direction that we have taken our nation over the course of the past three years. “We have sought to stabilise an economy shaken by global uncertainty, and to bring about budget repair. But the fact is that more needs to be done.” Meanwhile, Marape said that the Government, in the last three years, had been expansionist by using budget policies to ensure that they fueled the economy for debt restructuring and reduction, economic stimulus and growth, as well as productive sustenance of our country in public services and service delivery.
“Commenting on the 2022 Budget, the National Research Institute recognised that the massive 2022 budget will contribute to stimulating the economy via spending and subsequent effect on increasing consumer demand, consistent with the Keynesian school of thought,” he added. “It recognises that consumer demand is vital for businesses to perform well, and to create more income and employment in the economy.” The National / PNG Economy Watch Next : Business Council Says PNG Economy On The Rise Comments are closed.
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