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22 Nov 2023
IMF Executive Board Completes the First Reviews Under the Extended Credit Facility and Extended Fund Facility Arrangements for Papua New Guinea
Papua New Guinea’s economic outlook remains favorable. Growth is expected to soften to 3.0 percent this year, due to the normalization of LNG production, but is projected to rebound to 5.0 percent in 2024, spurred by the expected reopening of Porgera gold mine and by sustained growth in the agriculture and service sectors. Inflation—after significantly declining in the past year due to fiscal measures and lower imported inflation, is projected to rise, reaching 3.5 percent by end-2023 and 5.0 percent by end-2024.
