Treasurer Don Polye is confident the government is on target to achieve its economic growth target for 2013.
Mr. Polye said he's optimistic about the performance of the economy in the second half of the year. The Central Bank this week projected that the Gross Domestic Product (GDP) growth would drop from a forecast of 6-point-1 percent to five percent this year. Mr. Polye said the Bank is entitled to be conservative with its estimates, in line with its monetary policy approach. However, the Treasurer said, as a government they are doing all they can to grow the economy, against the backdrop of declining commodity prices, and the winding down of the PNG LNG project construction phase this year. He said to record a 6.1 percent growth in the first six months is a very good result. Treasurer Polye said the capital works program, delayed due to procurement issues is now picking up. The Treasurer said as the program gathers pace, it will stimulate growth in the second half of the year, as they fully implement the 2013 budget. This will more than make up for the slowdown due to the PNG LNG project construction phase wind down. Polye said the LNG project construction phase wind-down has been progressive, and the government is working with the project developer to ensure that the workforce coming off this phase is absorbed into the country's capital works program. Comments are closed.
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