Australia is PNG's largest aid donor, and will provide $479.2 million of aid in 2023.
Mineral deposits, including oil, copper, and gold, account for 72% of export earnings.īudgetary support from Australia and development aid under World Bank auspices continue to sustain the economy. Agriculture provides a subsistence livelihood for the bulk of the population. The International Monetary Fund has reported that despite PNG's poverty, it is richly endowed with natural resources, but exploitation has been hampered by the rugged terrain and the high cost of developing infrastructure. This is well supported by its strategic location as a gateway from the Pacific to Asia, as well as its comparatively huge landmass and demographic profile (almost 7 times that of the rest of the smaller Pacific Island nations) As a result, its major cities like Port Moresby and Lae have received increased international investor attention, giving rise to an unprecedented building boom to exploit the opportunities presented by the country's rise as a regional economic leader in the South Pacific region.
The country has made significant progress investing proceeds from oil and gas in infrastructure building. The GDP Growth rate for PNG in 2021 was at 1.3%. PNG's GDP growth has been driven by the extraction industries and real GDP growth per capita has averaged 4% since mid-2000.
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