The two largest developing member countries in the Asian Development Bank’s (ADB’s) Pacific region – Papua New Guinea (PNG) and Timor-Leste – also continue to be the region’s fastest growing economies. PNG has now recorded 11 consecutive years of economic growth averaging around 6% per annum, while Timor-Leste has been growing at around double digit rates since 2007. A major driver of the rapid growth in both countries has been their resource export sectors. Government spending from the Timor-Leste Petroleum Fund rose by 65% in 2012, with the ratio of expenditure to non-oil GDP reaching 193%–surpassing the previous high set in 2011. Resource revenues and higher government spending have also helped to drive growth in the PNG economy over the last decade… While the justifications for significant increases in government expenditure in both countries are clear, it is also vital that these priorities be balanced with maintaining, or in some cases strengthening, the fiscal buffers required for managing the volatility that is endemic to small open resource-export-based economies [read more].
Pacific regional events
-
Recent Posts
Recent comments
- Rape allegations at Manus Island challenge Australia’s commitment to the rule of law | Devpolicy Blog from the Development Policy Centre on Nauru rule of law case and the implication for the Pacific
- Vanessa Uiari on Enduring ties: half of PNG’s visitors are still Australian
- Tobias Wright on AusAID: International Seminar Support Scheme
Archives
Tags
ACP Asia-Pacific Australia Bougainville China Cook Islands European Union Federated States of Micronesia Fiji France French Polynesia Guam Hawai'i Indonesia Japan Kiribati Malaysia Marshall Islands Melanesia Nauru New Zealand Niue Northern Mariana Islands Nouvelle Calédonie Pacific Pacific Islands Pacific Islands Forum Palau Papua New Guinea PIF Polynesia Samoa Solomon Islands Tahiti Taiwan The Netherlands The Philippines Timor-Leste Tokelau Tonga Tuvalu US Vanuatu Wallis and Futuna West PapuaCategories
- ANU PI (505)
- Arts and Culture (4)
- Comment (2)
- Courses (9)
- Events (204)
- Features (16)
- Funds and Jobs (85)
- Land (1)
- News (674)
- (aggregator) (365)
- ACIAR (29)
- AusAID (26)
- Devpolicy (172)
- Europa Pacific (44)
- Smarttraveller (16)
- (aggregator) (365)
- Profiles (61)
- Publications (147)
- Reports (34)
Pacific news
Pacific Islands Report
(E-W Centre & Pac. Studies, UH)
Pacific Islands News Assoc.
(University of the South Pacific)
1ere Nouvelle Caledonie
Radio NZ International
The news items listed below are from websites that have RSS feeds dedicated to Pacific issues.ABC Pacific Beat Podcasts
- Sogavare criticises Washington, as US Pacific Leaders Forum Summit comes to a close
- Air Vanuatu fallout continues as travellers stranded in Fiji
- Biden shares touching story on his family's ties to PNG at summit
- Experts shine spotlight on impact climate change has on kids
- Kanak independence candidate claims French senate seat
Meta