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...
One factor that is hindering labour productivity and long-term growth in Papua New Guinea is the poor state of public health – although the picture is slowly improving. Advancing the country’s primary health care system is a priority for both the social agenda and economic plans, with the target to achieve universal health care a key part of the Development Strategic Plan 2010...
Global trade faces protectionist headwinds that are dampening the outlook for growth in the coming years. According to the World Trade Organisation (WTO), trade volumes grew by 3% in 2018 and are expected to decline slightly to 2.6% in 2019 before rebounding to 3% in 2020. This may be the first time since the 2007-08 global financial crisis that growth will fall below a 3%...
Papua New Guinea issued its first sovereign dollar-denominated bond in September 2018, a major achievement for the island nation. Ongoing structural reform and market-focused policies played a key role in attracting foreign capital that year, and the $500m instrument has since led to a steady flow of dollars into the market. In addition to increasing foreign exchange reserves...
Efforts to improve the business environment and promote private investment in non-extractive sectors ramped up in 2018 with a new development plan and clearer fiscal priorities. Prior to the pickup in international commodity prices that year, a lengthy downturn in global demand, weak agriculture performance and production halts at key mines weighed heavily on revenue. In...
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...
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