With a mood of cautious optimism, Papua New Guinea’s retail sector is recovering from a period of uncertainty caused by the devastating earthquake in Hela Province in early 2018. That same year was marked by sluggish growth before the APEC Leaders’ Summit in November 2018 triggered an upturn in the hospitality and general retail sectors, and encouraged businesses to invest...
The imposition of import tariffs in Papua New Guinea in recent years has had a broadly positive effect on local industry, both in terms of encouraging capital investment by manufacturing companies and ensuring the survival of existing industrial firms. However, the policy has also caused some supply-side constraints and raised questions about the country’s attractiveness to...
Already major contributors to the nation’s revenue base, Papua New Guinea’s industry and manufacturing sectors hold significant potential for future investment and development. As such, the administration of Prime Minister James Marape remains devoted to a course that will encourage and protect businesses while working towards a reduction in the national import bill. This...
Aided by easier and cheaper travel, global tourism has experienced two decades of almost uninterrupted growth. According to the World Bank, the number of international departures more than doubled between 1997 and 2017, from 687m to 1.57bn per annum. With the global middle class estimated by the US-based think tank Brookings Institution to be expanding by as many as 160m...
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...
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...
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