Papua New Guinea

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Papua New Guinea’s economic development has long been underpinned by its resource wealth, but a change in government in May 2019 has created fresh momentum for diversification. Since his election, Prime Minister James Marape has made clear his intention to secure greater revenue for the government from future extractive projects, with the aim...

 

What changes do you anticipate in regional demand for gold and copper when taking into account industrial activity growth in Asia?

 

Alongside the upstream energy sector, mining has long served as the backbone of Papua New Guinea’s economy. In 2019 the mining and quarrying sector accounted for 10.3% of GDP and was a major source of foreign exchange (forex) earnings, according to the IMF. Like the other extractive industries, mining has emerged as a priority for reform under...

 

How has pressure on the global reinsurance price impacted Papua New Guinea’s insurance sector?

 

Since Prime Minister James Marape took office in May 2019, the government has continued to implement a number of strategies aimed at increasing the accessibility of financial services. The National Financial Inclusion Strategy 2016-20 seeks to promote digital services and more inclusive insurance, while the Financial Sector Development...

 

Papua New Guinea’s insurance market is closely indexed to the country’s economy, which prior to the Covid-19 outbreak in early 2020 had been projected to grow at an average of 3% per year through to 2022. However, the pandemic effectively shuttered PNG for several months, and reduced global demand for the commodities that drive its export...

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