New business snapshot to provide insights

The Business Council of Papua New Guinea (BCPNG) has announced a new series of reports on private sector market conditions in PNG.

The reports will support individual, business and government decision-making as the global COVID-19 pandemic continues to create economic challenges.

The BCPNG Market Conditions Report is a regular series of reports that provides public information on changes in business performance in 2020 in beyond.

Douveri Henao, BCPNG Executive Director, said the reports will be vital in shaping responses to the COVID-19 crisis.

“The Market Conditions Reports will identify trends across all sectors and look at indicators for sales and investment performance, employment and consumption,” he said.

“It will also make a valuable contribution to the PNG Government’s COVID-19 economic stimulus package and provide inputs into the Governments announced supplementary budget.

“As the private sector’s peak body, BCPNG can use credible and reliable private sector data to promote policies that support the business community during these tough economic times.”

The development of the BCPNG Market Conditions Report is supported by the PNG-Australia Partnership. It comes as part of the Australian Government’s support for PNG’s economic response to COVID-19 and will support the publication of the first three reports.

Professional services consultancy PwC is also assisting in the development of the report series and partner Alison Judd said it will analyse PNG’s economic outlook, including the impact of oil price changes, COVID-19 and proposed government stimulus measures.

“Businesses and governments are looking for qualitative commentary – the real numbers and forecasts which help them make decisions,” she said.

“We know that current world events and internal country dynamics are going to have major implications for PNG. These reports will provide insights on what those implications are today and what they are likely to be in the future.”

The first BCPNG Market Conditions Report is currently in development and is expected to be released in the coming month.

BCPNG provides a voice of the private sector to government, international partners, civil society and the people of Papua New Guinea.

It works closely with these partners in ensuring the growth of the private sector will change and improve the livelihood of Papua New Guineans.

Press Release