16 Aug 2014

PNG growth tipped at 15 percent in 2015

6:39 pm on 16 August 2014

Papua New Guinea's economy is forecast to see the fastest growth in the greater Asian area next year.

According to the Economist Intelligence Unit, expanding energy exports will propel PNG's growth rate to just under 15 percent, the highest figure in the 35-nation area, which includes Asutralia and New Zealand.

Macau is also expected to record double-digit growth at 10.6 percent.

The Economist says as China's economic growth rate continues to slow, other countries will begin to compete for the title of regional star performer.

It says the last will be the first as PNG is coming up.

PNG's prime minister, Peter O'Neill, has told the Post Courier newspaper his country has a very bright future but challenges remain, such as political stability that continues to be undermined by what he calls a very few self-centred individuals.

LNG Project facility, Central Province, Papua New Guinea.

LNG Project facility, Central Province, Papua New Guinea. Photo: RNZI / Johnny Blades