Prime Minister James Marape has welcomed the findings of the Asian Development Bank’s Asian Development Outlook (ADO), April 2025 report, which confirms that Papua New Guinea’s economy is on a firm path toward recovery and resilience. The ADB report released shows the economy grew by 4.3% in 2024, driven by solid performance across both resource and non-resource sectors. This result is one of the strongest in the Pacific region and reflects the positive impact of ongoing reforms under the Marape-Rosso Government. “The latest ADB report confirms what we have been working hard to achieve — a more stable and inclusive economy. We are now seeing tangible outcomes from our reform agenda, especially in mining, agriculture, revenue collection, and inflation control. Strong economic momentum through reform and recovery, the report highlights significant gains in the resource sector, particularly the reopening of the Porgera gold mine, alongside strong output from coffee, copra, and fish exports in the non-resource sector,” PM Marape said. He said despite challenges in LNG production and adverse weather affecting palm oil and cocoa, overall output rose. “Average growth in the non-resource sector more than doubled over the last three years compared to the previous decade, underscoring the Government’s commitment to economic diversification. We are working to ensure that economic growth is not just driven by the resource sector, but supported by agriculture, fisheries, and small businesses,” said PM Marape. He said they want inclusive growth that reaches every part of the country. “Fiscal consolidation on track, the ADB commended the Government’s progress in fiscal consolidation. Domestic revenue rose to 18% of GDP in 2024, up from 14% in 2020, while the fiscal deficit narrowed to 3.9% — significantly lower than previous years. Public debt stabilized at 53.9% of GDP and is projected to decline from 2025 onward, supported by prudent borrowing strategies and a continued focus on concessional financing. We are managing our finances responsibly. Our focus is on investing in development while reducing waste and avoiding unsustainable debt,” he said.