PNG’s GDP grew 8.9% in 2011, thanks in large part to the fact that construction work on the PNG LNG project is in full swing. While growth likely cannot sustain such a high pace, government officials hope that revenues from the LNG facility will catalyse an economic transformation. Analysts, however, are worried about Dutch disease, where resource-driven growth drives inflation and makes local...
Papua New Guinea
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Chapter | Country Profile. from The Report: Papua New Guinea 2012
This chapter focuses on PNG’s rich natural resources, its ethnic diversity and relations with regional neighbours, with a specific focus on trade between mineral-rich PNG and resource-hungry China.
This chapter includes viewpoints from Prime Minister Peter O’Neill; Julie Bishop, Australia’s Shadow Minister for Foreign Affairs and Deputy Leader of the Opposition; and William Hague, UK Secretary...
After almost two years of delay, Port Moresby is preparing for its imminent connection to Papua New Guinea’s (PNG’s) 10 gigabyte per second (GBps) fibre-optic gateway in Madang. Connected via a 750-km cable that will piggyback the ExxonMobil liquefied natural gas (LNG) pipeline, the new connection is expected to drastically reduce internet rates, thus serving as a catalyst for wholesale market change across the telecommunications sector.
Investors have put concerns about political uncertainty in Papua New Guinea (PNG) to one side, encouraged by the keen interest buyers are showing in the country’s natural gas blocks and major new finds.
Plans by major cruise tourism companies to include Papua New Guinea (PNG) on their itineraries and a joint marketing initiative with a northern Australian region have provided an important boost to PNG’s expanding tourism industry.
Confidence among players in Papua New Guinea’s (PNG’s) banking industry and the launch of new microfinance and mobile banking initiatives highlight the sector’s potential to grow amid the country’s natural resource-based surging growth. However, the Bank of PNG (BPNG), the central bank, remains concerned about increasing levels of liquidity.