| Capital |
Port Morseby |
| Area Sq Km |
462 840 |
| Area Sq Miles |
178 704 |
| Population |
4 600 000 |
| Languages |
English, Tok Pisin (Creole), local languages |
| Religions |
Protestant, Roman, Catholic, traditional beliefs |
| Currency |
Kina |
| National Day |
|
Papua New Guinea
Economy Overview
Although Papua New Guinea has been described as
'a mountain of gold floating on a sea of oil', it is a poor country and
most of the population is engaged in subsistence agriculture. The most
important commercial cash crops are copra, coffee, cocoa, timber, palm
oil, rubber, tea, sugar and peanuts. However, the gradual discovery of
exploitable mineral deposits has transformed the country. Papua New
Guinea boasts the largest known supply of low-grade copper, the entire
production of which is exported to Western Europe and Japan under
long-term contract. Other identified mineral deposits include gold and
chromite. Traces of oil and natural gas have also been located. Light
industry has grown steadily, mostly to meet consumer demands: the
construction industry, printing, brewing, bottling and packaging are
among these. Papua New Guinea's attempts to develop a tourist industry
have been undermined by the lack of basic infrastructure and, more
importantly, political instability (see History & Government). The
vagaries of the climate - a severe drought in 1997 was followed by a
tidal wave in 1998 - have caused yet further damage. Since 1995,
successive governments have been working with the IMF to implement
economic reforms aimed primarily at reducing the budget deficit. In
1998 a financial crisis, linked to the broader Asian financial crisis
and triggered by a sudden fall in value of the Kina, prompted tougher
measures. Papua New Guinea belongs to the Asian Development Bank and
the South Pacific Commission. Its largest trading partners are
Australia, with 50 per cent of the market, followed by Japan, Singapore
and the USA.
Government
Papua New Guinea has a unicameral parliamentary
system, with executive power nominally held by the British Crown,
represented by a Governor General. Legislative power rests with the
109-member parliament. The local government system underwent extensive
reform in 1995, when the 19 directly elected provincial governments
were replaced by new regional authorities.
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