BSP Financial Group Limited (BSP) has announced that the country’s economic growth is expected to accelerate in 2022.
In its Pacific Economic and Market Insight Quarter 2 of 2021 Report, it shows that a 4.2 percent economic growth is expected by 2022, as Papua New Guinea continues to recover from COVID-19 pandemic.
The report highlights that the recent surge in COVID-19 cases poses a threat to the expected economic growth of 3.5 percent for this year.
In addition, the report stated that the reopening of the Porgera Gold Mine now sets the path for all stakeholders’ partnership for the next 10 years, especially copper and oil; two of PNG’s major exports are at multi year highs.
BSP Group CEO Robin Fleming said with the recent government announcements, BSP is looking to increase its services as PNG’s economy begins to stabilise.
“BSP is always looking at opportunities to increase and improve its service levels and customers' convenience.
"We are expanding our branch networks – starting with the opening of Koroba Branch in Hela Province last week and later this month, we’re opening a larger premise of our Namatanai Sub-Branch in New Ireland,” Fleming stated.
“Our agency network is an essential part of BSP’s commitment to the country and to the provision of banking services to the more remote communities in the country. This also represents the group’s commitment to financial inclusion."
In this report, Fleming also said PNG’s development partners continue to assist with budgetary support and the delivery of COVID-19 vaccinations in the respective vaccination sites around PNG.