Chairman of Bank South Pacific (BSP), Kostas Constantinou anticipates the growth rates in emerging market economies to decline slight in the coming months.
This he believes will pose challenges to BSP group, the leading bank in PNG.
Mr Constantinou made this statement during the recent annual general meeting of BSP.
“In 2014, an improving but fragile global economy will continue to pose challenges. Growth rates are expected to slow down slightly in the emerging market economies of Asia, Africa, Eurasia and South-Latin America.
“In the traditional developed economies of Europe and North America the outlook is improving, but fundamentals are not robust, and they are forecasted to remain subdued” Constantinou says.
Papua New Guinea’s growth prospect however remains positive according to analysis World Bank East Asia Pacific economic update.
As larger projects in PNG change the country’s economic capacity, and anticipated public infrastructure investments progress, Constantinou believes that PNG is moving close to realize its development potential.