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. A steady uptick in commodity prices supported export growth and augmented the country’s trade surplus,...
Papua New Guinea’s chairmanship of APEC in 2018 comes at a time when the nation is still grappling with a foreign exchange shortage and high public debt, as well as persistent problems with law and order. Despite these issues, C-suite executives appear optimistic for 2018, as shown by the more than 100 participants in Oxford Business Group’s...
Papua New Guinea is facing several fiscal challenges in the wake of falling government revenues and the end of a liquefied natural gas-driven construction boom, with GDP growth falling by about two-thirds between 2015 and 2016. Though the budget deficit narrowed in 2017, this was largely owing to a supplementary budget that slashed capital...
In an effort to reduce dependency on extractive industries, the government has increasingly focused on non-mineral diversification as an economic growth strategy, with an emphasis on domestic industry, tourism and new special economic and industrial zones aimed at attracting foreign investment. Government efforts, including the publication of...
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