Papua New Guinea: Recent Economic Developments

International Monetary Fund

No 1998/018, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper reviews economic developments in Papua New Guinea during 1995–97. The nonmineral sector was characterized by uneven growth. Following a period of slow growth at the time of the Bougainville crisis (1989–90), nonmineral growth began to pick up, averaging 5½ percent during 1991–94. However, nonmineral output declined some 1 percent in 1995 following the onset of the financial crisis in 1994, recovered strongly in 1996 with the restoration of macroeconomic stability, and is estimated to have stagnated in 1997 owing primarily to the impact of adverse weather conditions on agricultural output.

Keywords: ISCR; CR; private sector; treasury bill; price support; balance of payments; debt service; current account; exchange rate; central bank; Papua New Guinea authorities; broad money; Non-renewable resources; Exports; Commercial banks; Africa (search for similar items in EconPapers)
Pages: 99
Date: 1998-04-07
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Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:1998/018

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