"We declare our first goal to be for every person to be dynamically involved in the process of freeing himself or herself from every form of domination or oppression so that each man or woman will have the opportunity to develop as a whole person in relationship with others".

- Papua New Guinea National Goals and Directive Principles

Monday, 11 October 2010

How many times have we heard this before! Growth for who? Development for who? Please answer!


Gas boom driving 7.5 percent growth this year

MELBOURNE, Australia (Radio Australia,Oct. 7, 2010) – The ANZ bank says double digit economic growth is possible for Papua New Guinea in 2011. PNG is expected to grow by 7.5 per cent in 2010.The latest ANZ Bank report, says the boom created by liquid natural gas development could lift that to over 10 per cent in 2011. The report's author, Paul Gruenwald, says the boom is a significant opportunity, but warns, it will only lift living standards for the people of PNG if it is managed well. He says more effort will be needed by the government and the private sector to train the workforce and to improve infrastructure. In the immediate term the Bank says inflation is a risk. It recommends raising interest rates the gradual strengthening of the currency and restrained government spending.

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