Papua New Guinea is a vast archipelago, of which the main island – shared with Indonesia – forms the largest tropical island on Earth. Known for its unique flora and fauna, the country is famous for its environmental variety. However, with more than 850 languages spoken within its borders, it is also considered one of the most culturally diverse nations in the world. While it enjoys...
Papua New Guinea
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Chapter | Country Profile from The Report: Papua New Guinea 2019
Efforts to improve public governance are gradually bolstering confidence in Papua New Guinea’s economy, despite national performance being heavily dependent on the extractive industries. Backed by macroeconomic development plans, Prime Minister James Marape’s administration is seeking to improve debt management, reduce foreign exchange imbalances, widen access to social services and provide greater employment opportunities.
Economic update | Papua New Guinea’s new government outlines blueprint for future growth
30 Jul 2019
Businesses and investors in Papua New Guinea are anticipating a change in policy direction, after newly elected Prime Minister James Marape outlined possible long-term reforms to key sectors, among them extractive industries.
Papua New Guinea is on track to double its liquefied natural gas (LNG) production capacity following a recent agreement with energy majors, although opposition to the deal may slow down the development process.
The shortage of foreign exchange liquidity in Papua New Guinea’s economy appears to be easing, with increased currency inflows helping to meet the needs of both importers and the financial sector. However, it may be some time before the imbalance is fully rectified.
A new submarine fibre-optic cable network is already boosting Papua New Guinea’s internet speeds and ICT capacity in some regions, with further improvements set to come this year through a subsea link to Australia.