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The economy of Papua New Guinea (PNG) is largely underdeveloped with the vast majority of the population living below the poverty line. [20] However, according to the Asian Development Bank its GDP is expected to grow 3.4% in 2022 and 4.6% in 2023. [ 21 ]
The Jan 2023 chart Best Fit of 7.7%, is an updated fit versus 2021 plot’s 7.5%. The lower cluster also has two roughly parallel S&P 500 curvy plots taken from the upper cluster S&P 500 plots but are LESS Inflation so look different and have less slope.
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[167] 2023 was the worst year for US home sales since 1995. [168] Despite gloom numbers, the US defied recession fears with 3.3% growth in the fourth quarter. [169] [170] As of August 2023, there has been no evidence that the Inflation Reduction Act increased or decreased inflation. [171]
With high inflation, firms must change their prices often to keep up with economy-wide changes. But often changing prices is itself a costly activity whether explicitly, as with the need to print new menus, or implicitly, as with the extra time and effort needed to change prices constantly. Tax Inflation serves as a hidden tax on currency holdings.
Papua New Guinea has been a member of the Forum of Small States (FOSS) since the group's founding in 1992. [73] Papua New Guinea supported Indonesia's control of Western New Guinea, [74] the focus of the Papua conflict where numerous human rights violations have reportedly been committed by the Indonesian security forces. [75] [76] [77]
3 April – 2023 Papua New Guinea earthquake: A 7.1 magnitude earthquake strikes East Sepik Province, Papua New Guinea, killing eight people, injuring several others, and causing damage. [3] 6 May – Coronation of Charles III as King of Papua New Guinea and the other Commonwealth realms. Governor-General Sir Bob Dadae attend the ceremony in ...
In 2002, Papua adopted its current name and was granted a special autonomous status under Indonesian legislation. Papua is a province rich in natural resources and cultural diversity, offering great potential for future development. As of 2020, Papua had a GDP per capita of Rp 56.1 million (US$ 3,970), placing it 11th among Indonesian provinces ...