TAG: Papua New Guinea
An economic boom driven by a $19bn natural gas project was followed by a sharp slowdown as global energy prices fell, putting pressure on the government to spread more equitable development in this resource-rich country.
Papua New Guinea’s economy appears set to see a recovery in 2017 – a forecast reflected in the positive business sentiment of C-suite executives polled in Oxford Business Group’s inaugural OBG Business Barometer: PNG CEO Survey. Despite some weak headline numbers, depreciation of the kina and a shortage of US dollars have slowed imports and led to pockets of local strength, while robust activity in the small and medium-sized enterprise segment is also being observed.
Papua New Guinea’s economy appears to be accelerating once more following a period of slow expansion. The improving performance of the economy, which relies heavily on mineral and agricultural exports, is reflected in the positive business sentiment of C-suite executives polled in Oxford Business Group’s inaugural OBG Business Barometer: PNG CEO Survey.