"Critical juncture" for Papua New Guinea

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Papua New Guinea is at a critical juncture as its extractive industries boom, according to the UN Development Programme (UNDP).

On Thursday, UNDP is releasing a National Human Development Report dedicated to the Pacific islands' production of natural resources such as oil, gas and minerals.

The report says that the wealth from these industries has the potential to significantly boost the well-being of Papua New Guinea's citizens, of whom 40 per cent live on less than one dollar per day.

However, the country's development could be undermined if resources are not used in economically, socially and environmentally sustainable ways.

UNDP is warning of the "paradox of plenty" or resource curse, a situation where abundant natural resources can lead to less economic growth if money is not reinvested into the country's development.

The UN Development Programme says this is a critical time for Papua New Guinea, as it works to benefit from new revenues and translate them into sustainable development.

Stephanie Coutrix, United Nations.

Duration: 1’04″

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