Papua New Guinea has experienced a positive economic growth for 14 years.
Prime Minister Peter O’Neill stated this today during his address at the 32nd Australia - Papua New Guinea Business Forum and Trade Expo underway in Cairns.
O’Neill said PNG’s economy has grown at an average 9 percent each year between 2012 and 2015, and was among the highest in the world in 2014, growing at 13.3 percent.
He said PNG has demonstrated that the fundamentals of our economy are sound.
“We are demonstrating that we can manage the economy during tough times.
“The domestic economy is expected to grow at a moderate rate this year as we deal with lower commodity prices.
“Low commodity prices are not going to last forever. They have hurt many countries, including Australia and other commodity producing nations,” O’Neill stated.
He said but the challenging times we are facing today are not permanent, commodity prices are steadily rising and this includes the resources sector and the agricultural sector.
O’Neill added that despite this, PNG is also attracting significant global investment in new projects that are going to continue to develop the economy and grow our country in a meaningful way.
The two-day business forum and trade expo commenced today with the theme “Today’s Investment - tomorrow’s returns".