Business sectors in PNG are suffering from the current economic situation, says Sir Mekere Morauta.
In a statement, Sir Mekere says this in turn worsened living conditions for ordinary Papua New Guineans.
He said Papua New Guinea fell four places in the World Bank’s Doing Business Survey, from 141 to 145, placing it among the worst-managed and most corrupt nations on earth.
“Businesses of all sizes – locally owned as well as foreign-owned – are experiencing difficult trading conditions and many are laying off workers,” says Sir Mekere.
He said that the Bank of Papua New Guinea recently estimated that employment had fallen by about 3 percent to the middle of the year, with further falls likely.
He said many thousands of Papua New Guineans would also lose their jobs this year.