Westpac senior economist and director, Justin Smirk, said this during the Port Moresby Chamber of Commerce and Industry Business Breakfast in Port Moresby today.
Smirk said as global commodity prices remain stagnant and commodity currencies weakening, the likely effect would be the same for PNG.
He said PNG should now shift its focus to the essential areas of revenue generation and growth.
“Focus on what’s important to you and what you can do,” he told the business community.
Smirk added that with such a likely scenario, any improvements in growth would be realised when a final investment decision on the Papua LNG is made where funding would begin to be injected into the economy.
He added that while the resource sector was a major player in this area, the agriculture sector was also important and called for more government intervention in the sector.