Prime Minister O'Neill confident in PNG economy

Prime Minister Hon. Peter O’Neill says given the current global economic downturn, Papua New Guinea has demonstrated that it can still manage its economy during trying times. 

Speaking at the 32nd Australia-Papua New Guinea Business Forum held at the Cairns Convention Centre in Australia yesterday, Mr O’Neill said PNG can cope well as it had previously experienced positive growth rates in the past 14 years. “We are of course, demonstrating that we can manage the economy during tough times. “The domestic economy of Papua New Guinea is expected to grow at a very moderate rate this year as we deal with the lower commodity prices that we are experiencing. “That experiencing of lower commodity prices is not going to last forever.

 “They have hurt many countries including Australia, and other commodity-exporting nations around the world, but these challenging times that we are facing today are not going to be permanent. “Commodity prices as we all know are steadily rising. 

“This is more so in the resource and the agricultural sectors. “Today’s theme of the expo is particularly appropriate for the time in which we find ourselves today. “In light of the current global economic climate, the theme ‘Today’s Investment – Tomorrow’s Return’ is probably not so much about status of development, but more to do with the economic cycles that we have,” he said.

 He said PNG’s economy has grown at an average nine per cent per year between 2012 and 2015 where particularly in 2014, the country had experienced a 13.3 per cent growth. The Prime Minister said despite the trying times, PNG has attracted investments in projects in the extractive industry that will contribute to boosting the country’s economy such as the Papua LNG, Waffi-Golpu mining and others.