S&P stabilizes Papua New Guinea view

S&P said it revised its outlook for Papua New Guinea to stable from negative and affirmed its B- sovereign rating.

“Despite an estimated decline of 3.5% in real GDP in 2020, we expect a modest economic recovery of 1.7% in 2021. Buoyant agricultural output and commodity prices drove growth in 2021, and the reopening of resource plants shuttered during the pandemic will support resource-related growth. The promise of new resource-related projects in the medium term should improve the country's economic prospects,” S&P said in a press release.

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