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Papua New Guinea needs to boost spending on health and education to turn resource wealth into jobs and growth, the World Bank says.
The World Bank warns Papua New Guinea must invest more in health, education, and skills to turn its natural resource wealth into sustainable jobs and economic growth, as government revenue from resources averages just 1.9% of GDP.
Despite a near-doubling of resource production since 2013, underinvestment in people persists, with half of young children stunted and a child born today expected to reach only 42% of their potential productivity.
The report calls for an additional 4.5% of GDP annually in public spending to improve healthcare, education, and social protection, stressing that smarter investment in human capital is essential to meet national goals like creating one million jobs and balancing the budget by 2027.
Papúa Nueva Guinea necesita impulsar el gasto en salud y educación para convertir la riqueza de recursos en empleos y crecimiento, dice el Banco Mundial.