CATEGORY: Economic Snapshots
PNG’s resource wealth, coupled with its strategic location between the industrial centres of north-east Asia, the rising economies of the Association of South-east Asian Nations and the developed economies of Australasia, means it is poised for long-term growth. The government took decisive actions to prevent community transmission of Covid-19, which constrained business activity in the first half of 2020 but also left the nation well placed to recover without widespread public health consequences. While uncertainties remain as negotiations on extractive projects have yet to be concluded, PNG is expected to benefit from sustained policy efforts to nurture the productive sectors of the economy.
Following GDP growth of 1.5% in 2019, a shift to a more expansionary fiscal stance in response to the Covid-19 pandemic and associated global economic headwinds during the first half of 2020 has helped Abu Dhabi to establish a springboard for continued inclusive growth in the years ahead. While public spending and strategic investment remain important drivers of the emirate’s economic expansion plans, a major overhaul of the investment framework at both the emirate and the national level has been designed to harness the power of private capital and expertise in Abu Dhabi’s ongoing knowledge-led development efforts.