Papua New Guinea and the natural resource curse
Date
2013-08
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Publisher
ARTNeT, United Nations ESCAP
Abstract
This paper explores whether Papua New Guinea (PNG) displays signs of suffering from the natural resource curse. Weak governance is the single factor most likely to undermine prospects for sustainable growth. Institutional factors such as rent seeking, corruption, poor governance, and underdeveloped human capital could continue to hinder PNG’s successful use of its resource rents.By improving accountability and the functioning of its institutions, PNG could turn the natural resource curse into a blessing. Future risks are likely to be exacerbated by increased exports from the large Liquefied Natural Gas (LNG) project coming on-stream in the near future.
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Synthesis Report
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Text
Keywords
PAPUA NEW GUINEA, NATURAL RESOURCE CURSE, POLITICAL ASPECTS, CORRUPTION, INDUSTRIAL POLICY, NATURAL GAS, EXTRACTIVES, GOVERNMENT ROLE, ACCOUNTABILITY, PUBLIC INVESTMENT, ECONOMIC GROWTH, EXCHANGE RATE, FINANCIAL POLICY