15 Feb 2013

Asian Development Bank says PNG's economic growth will slow down

11:16 am on 15 February 2013

The Asian Development Bank says Papua New Guinea's economic growth is forecast to slow down to 4-point-5 percent this year.

The ABD says the figure is a marked reduction from the 9-point-2 percent of last year and 11-percent of 2011.

But the ADB's vice-president Stephen Groff told The National paper that the bank remains confident in the future of PNG, as the country's growth over the past decade had been positive.

He said the maturing of the mineral and oil operations and scaling down of the LNG project construction are two main drivers, of what the ADB forecasts will be reduced levels of growth this year.