Growth

This was from the executive board of the International Monetary Fund (IMF), in consultation with PNG on November 29, 2016.

“As a commodity exporter, the PNG economy has been hit hard by the drop in world commodity prices and a major drought. The authorities have responded to these shocks through fiscal tightening and a combination of modest exchange rate depreciation and FX sales,” the board said in a statement.

“Strong economic growth driven by the start of the PNG LNG project, has tailed off amidst weak non-resource sector growth.

The 4th Regional Marketing Meeting discussed a number of initiatives targeting tourism growth including the annual tourism marketing event South Pacific Tourism Exchange (SPTE); a new brand to market the region globally; and a regional marketing plan for endorsement by the meeting.

The annual meeting of marketing executives has been organised by the South Pacific Tourism Organisation (SPTO), the region’s peak tourism development and marketing body, since 2013 when it was first held in Samoa.