The mining industry is one of the main pillars of economic growth in Papua New Guinea. In 2017 the sector accounted for 29% of GDP and generated 86% of export revenue. Gold and copper account for the majority of mining export revenue, respectively comprising 76.8% and 13% of total sector exports in the first five months of 2019. The mining industry also remains an important source of job...
Papua New Guinea has made strides in recent years to expand its capital markets and promote liquidity. However, the performance of the country’s stock exchange – which changed its name to PNGX Markets in July 2019 – has been affected by a series of economic disruptions. The 7.5-magnitude earthquake that struck PNG in February 2018 contributed to a contraction in economic activity for most of...
With a low penetration rate of below 2%, Papua New Guinea’s insurance sector has significant growth potential. The economy is expected to benefit from a range of new extractive projects and this, coupled with growing awareness about the benefits of insurance coverage, is set to increase demand. However, some notable challenges will need to be addressed to ensure the long-term expansion of the...
Despite a tight supply of foreign exchange and a slowdown in economic growth in 2018, Papua New Guinea’s banking sector remained well capitalised and registered a robust performance, aided by supportive policies from both the government and the Bank of PNG, the country’s central bank. The successful issuance in September 2018 of the country’s first dollar-denominated sovereign bond raised $...
Efforts to increase public governance are gradually bolstering confidence in Papua New Guinea’s economy, despite national performance being heavily dependent on somewhat-unpredictable extractive industries. These were affected in the first half of 2018 by an earthquake in February, and recovered in the second half when international commodities prices rose. Recovery in liquefied natural gas...
Papua New Guinea’s international profile received a boost when it chaired the APEC forum in 2018, an event that culminated in the APEC Leaders’ Summit in Port Moresby in November of that year. During the meeting, leaders from some of the world’s largest economies congregated in the capital to discuss a host of regional issues. While the business climate is hampered by regulatory obstacles and...
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