PNG Economy Showing Stronger Growth Outlook, Says PM Marape

Papua New Guinea Prime Minister James Marape says PNG’s economy is showing clear signs of recovery and strengthening, following a positive outlook presented in Westpac Bank’s latest Papua New Guinea Economic Update. He described the report as an encouraging reflection of ongoing efforts to stabilise the country’s economic environment and drive growth.

The update projects that PNG’s economy will expand this year, supported by steady commodity prices, improved business conditions, tighter fiscal management, and the expected contributions of major resource projects coming on stream.

 PNG Economy Showing Stronger Growth Outlook, Says PM Marape

Mr Marape said the favourable indicators validate the Government’s approach to rebuilding economic stability while supporting key sectors across the country. He noted that policy measures aimed at maintaining discipline in spending and encouraging investment are beginning to deliver results.

“The signs are clear. Our economy is stabilising and strengthening,” he said.

“We have protected fiscal discipline, supported key industries, and laid the groundwork for sustainable growth.”

The report also pointed to progress in foreign exchange management, higher gold export earnings, and rising business confidence. Gold exports reached strong levels last year, driven by favourable international prices and improved production capacity.

According to the Prime Minister, the performance of the resource sector continues to play a central role in the country’s economic recovery. He said higher export volumes and strong gold prices were boosting national revenue and investor interest.

“Our resource sector remains a backbone of our economy,” he said.

“High gold prices and stronger export volumes are delivering improved revenues and strengthening investor confidence.”

Mr Marape further stated that fiscal consolidation measures introduced by the Government have improved budget control while safeguarding priority areas such as health, education, infrastructure, and law and order. “Stronger budget discipline and improved revenue performance are positioning PNG for sustained economic expansion,” he said.