Papua New Guinea’s insurance market is closely indexed to the country’s economy, which prior to the Covid-19 outbreak in early 2020 had been projected to grow at an average of 3% per year through to 2022. However, the pandemic effectively shuttered PNG for several months, and reduced global demand for the commodities that drive its export...
Since Prime Minister James Marape took office in May 2019, the government has continued to implement a number of strategies aimed at increasing the accessibility of financial services. The National Financial Inclusion Strategy 2016-20 seeks to promote digital services and more inclusive insurance, while the Financial Sector Development...
Small and medium-sized enterprises (SMEs) in Papua New Guinea currently generate 0.8% of exports and account for 6% of GDP. However, policymakers see substantial opportunities in providing these smaller companies with enhanced institutional and financial support. Indeed, the government estimates that SMEs have the potential to generate more...
The Covid-19 pandemic has brought substantial macroeconomic challenges throughout the world, leaving no country unaffected. Although Papua New Guinea has benefitted from its geographical isolation in terms of public health, its economic recovery will be highly dependent on international commodity prices, from where it receives the majority of...
The outbreak of Covid-19 in the first half of 2020 took an economic toll on countries around the world, with each experiencing the effects slightly differently. In Papua New Guinea the pandemic placed the country’s foreign exchange (forex) reserves under renewed pressure; PNG’s forex flows are primarily linked to commodity markets, many of...
Papua New Guinea has an abundance of wealth in hydrocarbons and minerals that provides it with a solid foundation for economic growth, but also leaves the Pacific island nation vulnerable to the volatility of global commodity markets. As such, the government, led by Prime Minister James Marape, is following a long-term economic development...
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