Papua New Guinea’s banking sector experienced a mixed year in 2017, with commercial bank assets declining after four consecutive years of growth. Total loans to the private sector also fell against a backdrop of subdued economic activity, even as Bank South Pacific, the country’s leading commercial bank, recorded a strong rise in lending and increased profits. Nevertheless, efforts are under way...
Papua New Guinea
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Although 2017 was another challenging year for Papua New Guinea, with subdued GDP growth against a backdrop of falling government revenues, cuts to public spending and rising fiscal challenges, economic recovery is gradually gathering steam in 2018. A steady uptick in commodity prices supported export growth and augmented the country’s trade surplus, while agriculture and mining recovered from...
Chapter | Trade & Investment from The Report: Papua New Guinea 2018
With macroeconomic growth slumping and domestic demand weakening in the aftermath of a long construction boom, trade and investment in Papua New Guinea have faltered in recent years. However, ongoing geopolitical developments could see the situation change in 2018. China’s footprint in PNG has been growing, particularly in the lead up to the APEC Leaders’ Summit, which will be hosted in PNG...
Chapter | Country Profile from The Report: Papua New Guinea 2018
Although external forces contributed to challenging economic conditions in recent times, PNG should benefit from the stability brought about by Prime Minister Peter O’Neill’s 2017 election victory, which solidifies the public agenda and provides more investor certainty. Hosting international events such as APEC 2018 should positively influence international perceptions and highlight...
Although Papua New Guinea’s macroeconomic slowdown, challenging business climate and falling global commodity prices have weighed on trade and investment in recent years, the country continues to offer high-potential opportunities to investors.
Economic update | Papua New Guinea moves to lower costs for agricultural exports and boost local production
27 Aug 2018
New initiatives focused on building agricultural production capacity and lowering costs for goods carried overseas seek to move Papua New Guinea one step closer to becoming a more competitive, export-driven economy.