The economy of Papua New Guinea is decelerating, with the GDP growth rate expected to fall by half in 2016 to 4.3% and by nearly half again to 2.4% in 2017. A combination of the end of the construction phase of the PNG Liquefied Natural Gas (LNG) project and an unexpected drop in energy prices has resulted in a significant decline in business...
In recent years, Papua New Guinea has sought to complete two key international transactions, and neither has gone as planned. The $300m facility from the World Bank’s International Finance Corporation (IFC) to provide dollar liquidity is still being discussed, while a $1bn-plus international bond has been at least twice delayed, in 2013 and...
Located on the Gulf of Huon, due north of Port Moresby, Morobe province is widely regarded as Papua New Guinea’s industrial heartland. The region is the gateway to the highlands and islands as well, providing the main transport link between the most populous provinces of the country. The Highlands Highway ends here, making the region’s capital...
The country is facing a severe shortage of US dollars, and this has had a direct and significant impact on the economy. Importers are unable to get the funds they need, while insurance companies have faced a loss of reinsurance coverage due to the lack of dollars. Some critics assert that the currency problems are the direct result of a June...
Culturally one of the world’s most diverse countries, Papua New Guinea is widely considered to be the last frontier for tourism and business opportunities. The island of New Guinea hosts 6-8% of the world’s species, one-sixth of known languages and rivals Borneo, the Amazon and the Congo in terms of biodiversity, according to the Worldwide...
A country of extraordinary diversity, spread across some of the world’s most spectacular, and often inhospitable, terrain, Papua New Guinea today is a country once again at a crossroads. A major economic boom has been rapidly followed by a major downturn, and as a result the government has come under some pressure. Meanwhile, this young...
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