Posted on 23 February 2023
Papua New Guinea (PNG) is one of the most resource-dependent economies in the world, states a new Dev Policy report. Data obtained from the UN has placed PNG as the sixth most resource-intensive economy worldwide.
The report describes the nation as “the Saudi Arabia of the Pacific.” PNG even comes out higher than Saudi Arabia in the rankings, which sits at eighth place.
The report also finds that PNG has high foreign ownership of the sector, low resource revenue and economic inequality. It concluded that economic strength for the nation is unlikely to come from this source.