From 206 BCE to 220 CE China’s Han dynasty fostered a booming trade industry for silk, a precious commodity in high demand among the elites of the Mediterranean. The Silk Road was the name given to the network of trade routes connecting the East and West at the time. Later, spices and other precious cargo would be traded using the system, fostering not only economic, but also...
While some debate remains about what constitutes the middle class, largely because the average incomes and standards of living vary considerably in different parts of the world, experts are in agreement on some basic characteristics: in general, the middle class has more disposable income than the poor, which is defined by the World Bank as those living on less than a $1.90 a...
In September 2018 the Parliament passed the National Procurement Act (NPA) 2018, which abolished the Central Supply and Tenders Board (CSTB) and replaced it with the new National Procurement Commission (NPC). The decision dissolved the public procurement framework previously set out in the Public Finances (Management) Act 1995. Under the new act all public procurement...
Papua New Guinea’s hosting of the 2018 APEC Leaders’ Summit proved to be something of a catalyst for the construction sector. Although the authorities had to mitigate the shortage of high-end hotels in the capital city by hiring cruise liners to accommodate international delegates attending the event, a host of construction projects were launched to meet the other...
Although the completion of Papua New Guinea’s flagship liquefied natural gas (LNG) project, PNG LNG, in 2014 ended the boom witnessed in the real estate sector, the momentum provided by increased construction activity between 2008 and 2014 continues to support the market. The commercial real estate sector in the capital Port Moresby has undertaken some notable projects in...
Roads are critical for economic growth and inclusive development in Papua New Guinea. By providing access to employment, health and education services, roads stimulate economic activity and enhance competitiveness, while poor roads isolate communities and compromise national security. Road infrastructure is therefore considered to be both a key strategic asset and essential...
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