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Papua New Guinea Economic Update : In the Time of COVID-19 - From Relief to Recovery (English)

Papua New Guinea’s economy has been hit hard by the COVID-19 crisis due to weaker demand and less favorable terms of trade. Pandemic-related global and national movement restrictions have weakened external and domestic demand and affected commodity prices, which will lead to an economic contraction, wider financing gaps in the external and fiscal accounts, and higher unemployment and poverty than previously anticipated in 2020. The authorities reacted swiftly to the emerging external shock by developing a package of emergency health and economic relief measures. While the focus of the authorities is currently on crisis mitigation measures, they should also look beyond the current year at a more robust and resilient recovery over the medium term. In addition to the economic analysis, the report contains additional sections dedicated to physical infrastructure development in PNG. The infrastructure section suggests that the provision of more equitable access to quality infrastructure will be crucial once the country moves to the recovery and resilience phase of COVID-19 response. While improving the quality of infrastructure in PNG faces serious constraints, the country’s abundance of natural resources is a potential source for financing the work and government’s stated vision and strategy can provide necessary policy guidance.

Details

  • Author

    Sarsenov,Ilyas, Deng,Fei, Grinyer,John Joseph Scott, Hasanov,Rashad, Rabefaniraka,Noroarisoa, Cooper,Andrew William, Ling,David Tai-Wen, Motohashi,Mitsunori, Fae,Gerard, Maso,Sevesoa, Dahan,Stephane Raphael, Overbeek,Jan, Fitzgerald,Shona Kate, Beschorner,Natasha, Neumann,James L., Sundakov,Alex, Nelson,Jordan

  • Document Date

    2020/07/01

  • Document Type

    Working Paper

  • Report Number

    157031

  • Volume No

    1

  • Total Volume(s)

    1

  • Country

    Papua New Guinea,

  • Region

    East Asia and Pacific,

  • Disclosure Date

    2020/07/08

  • Disclosure Status

    Disclosed

  • Doc Name

    Papua New Guinea Economic Update : In the Time of COVID-19 - From Relief to Recovery

  • Keywords

    access to information and communication technology; trade and investment; access to safe drinking water; state-owned enterprise; average monthly wage; liquefied natural gas; cost of service delivery; access to safe water; papua new guinean kina; expenditure and institutional review; pushing up prices; opportunity cost of water; access to ict; Goods and Service Tax; real gdp; global economic prospect; state of emergency; sovereign wealth fund; oil price; civil aviation development; current account surplus; current account balance; terms of trade; prudent fiscal policy; risk of debt; number of teachers; independent power producer; medical care system; maritime safety authority; wages and salary; recruitment of teacher; operations and maintenance; case fatality rate; capital flow reversal; source of employment; barrel of oil; lower oil price; household energy demand; expansionary fiscal policy; natural gas company; cost of production; price of oil; fiscal responsibility act; formal sector employment; papua new guineans; lack of equipment; risk of fraud; means of transportation; investments in infrastructure; sector capacity building; debt management capacity; improved water supply; infrastructure investment plans; high infant mortality; quality of infrastructure; Access to Energy; transfers to provinces; human resource capacity; ports and waterways; customary land tenure; transportation infrastructure network; supply of power; water service provider; Access to Electricity; access to sanitation; highway investment; Health Service Delivery; lack of transparency; targeted social assistance; Capital Investments; extractive sector; resource economy; government revenue; resilient recovery; capital spending; rural area; fiscal deficit; commodity price; energy price; water utility; gold price; public health; national ict; project costing; water utilities; Energy Sector; emergency health; supply contract; recent years; health emergency; liquidity support; advanced economy; Economic Stimulus; security measure; long-term contract; travel restriction; confirmed case; swine flu; tax filing; loan repayment; resource sector; commercial bank; medium-sized enterprise; superannuation fund; low-income economy; physical infrastructure; support measure; high unemployment; Sanitation Services; corporate governance; global spread; vulnerable household; external shock; import cost; submarine cable; trading partner; lower price; construction material; weak demand; social support; personnel emolument; Rural Sector; company tax; fiscal development; budget target; domestic demand; price control; domestic revenue; policy option; capital development; public accountability; global trade; public debt; dividend payment; low energy; Public Employment; recent development; government expenditure; primary balance; electrification program; power utility; temporary unemployment; road subsector; response plan; power utilities; geographic constraints; vulnerable people; regulatory environment; adequate regulation; social distance; private capital; investor confidence; protection measure; effective competition; infrastructure sharing; broadband service; digital economy; medium-term development; digital infrastructure; road maintenance; road access; household contribution; public fund; transport operation; maritime infrastructure; budget deficit; budget allocation; safe operation; Fiscal Stimulus; global recession; emergency measure; transparent reporting; Investment strategies; regulatory impediment; adequate transportation; emergency response; natural disaster; active volcano; response measure; regulatory intervention; diarrheal disease; poor hygiene; deficit level; debt repayment; expenditure restraint; quantitative targets; international investor; fiscal transparency; sector social; investment planning; food assistance; informal sector; sanitation coverage; urban authority; loan guarantee; development partner; rural transportation infrastructure; financial mean

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Citation

Sarsenov,Ilyas Deng,Fei Grinyer,John Joseph Scott Hasanov,Rashad Rabefaniraka,Noroarisoa Cooper,Andrew William Ling,David Tai-Wen Motohashi,Mitsunori Fae,Gerard Maso,Sevesoa Dahan,Stephane Raphael Overbeek,Jan Fitzgerald,Shona Kate Beschorner,Natasha Neumann,James L. Sundakov,Alex Nelson,Jordan

Papua New Guinea Economic Update : In the Time of COVID-19 - From Relief to Recovery (English). PNG Economic Updates Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/964591594230524376/Papua-New-Guinea-Economic-Update-In-the-Time-of-COVID-19-From-Relief-to-Recovery