10 May 2012

ADB releases report on PNG constraints

2:58 pm on 10 May 2012

A new Asian Development Bank report says nurturing the private sector and improving public services would help foster more inclusive growth in the Papua New Guinea economy over the next ten years.

"The report called 'Diagnosing PNG's Critical Development Constraints ,' has just been launched at the University of PNG."

The ADB's country director, Charles Andrews, says the PNG economy has transformed over the last decade with stable government finances, private investment and high commodity prices boosting incomes and employment.

But he says for many citizens, the benefits of economic growth have been small with mounting evidence of growing inequality and declining social indicators across many parts of the country.

The report says creating a more favorable environment for business would encourage economic diversification and competition.

It says the government should strive to improve the quality of public services such as transport, electricity and water systems.

And it says better education and health services would improve the livelihood prospects for all Papua New Guineans.