Resources Booms and Macroeconomic Adjustments in Developing Countries

3An Overview of the Papua New Guinea Economy

3.1 Introduction

This chapter provides information about the resources base, structure of the economy, institutional settings, characteristics of the labour market, importance of foreign trade and the major macroeconomic policies.

The chapter is organised into ten sections. Section 3.2 discusses political background; Section 3.3 sketches economic performance; Section 3.4 presents the structure of the economy; Section 3.5 discusses the characteristics of the labour market; Section 3.6 describes the role of the public sector; Section 3.7 provides a financial sector overview; Section 3.8 describes external trade patterns; Section 3.9 discusses macroeconomic policies; and Section 3.10 summarises the economy’s ...