Diplomatic representation in the US: chief of mission: Ambassador Nagora
Y. BOGAN chancery: 1779 Massachusetts Avenue NW, Suite 805, Washington,
DC 20036 FAX: [1] (202) 745-3679 telephone: [1] (202) 745-3680
Diplomatic representation from the US: chief of mission: Ambassador Susan S. JACOBS embassy: Douglas Street, P. O. Box 1492, Port Moresby telephone: Flag description: divided diagonally from upper hoist-side corner; the upper triangle is red with a soaring yellow bird of paradise centered; the lower triangle is black with five, white, five-pointed stars of the Southern Cross constellation centered
Economy Papua New Guinea
Economy - overview: Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by rugged terrain and the high cost of developing infrastructure. Agriculture provides a subsistence livelihood for 85% of the population. Mineral deposits, including oil, copper, and gold, account for 72% of export earnings. The economy has declined over the past two years and will probably continue to falter in 2002. Prime Minister Mekere MORAUTA has tried to restore integrity to state institutions, stabilize the kina, restore stability to the national budget, privatize public enterprises where appropriate, and ensure ongoing peace on Bougainville. The government has had considerable success in attracting international support, specifically gaining the support of the IMF and the World Bank in securing development assistance loans. Significant challenges remain for MORAUTA, however, including gaining further investor confidence, specifically for the proposed Papua New Guinea-Australia oil pipeline, continuing efforts to privatize government assets, and maintaining the support of members of Parliament.
GDP: purchasing power parity - $12.2 billion (2001 est.)
GDP - real growth rate: -2.5% (2001 est.)
GDP - per capita: purchasing power parity - $2,400 (2001 est.)
GDP - composition by sector: agriculture: 30.4% industry: 36.8% services: 32.8% (2000 est.)
Population below poverty line: 37%
Household income or consumption by percentage share: lowest 10%: 1.7% highest 10%: 40.5% (1996)