POSSIBLE adverse consequences from the US-China Trade standoff will impact PNG as well other economies in the region, Asia-Pacific Economic Cooperation (Apec) policy support unit director Dr Denis Hew says.
He was responding to questions from The National about how PNG may not be insulated from this as much as other major economic incidents like other member economies.
“We have all been following in the news on the trade tensions between the US and China, which are the largest economies in the world and also members of Apec,” Hew said.
“We have to wait and see as they are still negotiating, but I will be very frank with you in terms of this: It’s not just PNG but we all lose out if things don’t turn out right.
“I am pretty sure that US and China will consider that as these are two of the most-important engines for economic growth in the region.
“Our economic forecast will also be planned on trade issues and tensions between these two economic super powers, but I am optimistic that this will turn out alright.
“It’s not a good scenario and in terms of which economies may lose out more from this, let’s hope that it does not get to that stage.”
Hew said geo-political tensions, weather and natural disasters that were common in the region, as well as global economic happenings such as Brexit, were key considerations in setting economic prospects for the region.
Source: The National Newspaper-Papua New Guinea's one of the dailies-May 24, 2018
