Justin Smirk

The results for the survey were officially announced yesterday during a special business breakfast event at the Stanley Hotel in Port Moresby where a detailed analysis was provided by Westpac’s Senior Economist Justin Smirk.

The event also marked the launch of the 2024 edition of the Business Advantage PNG Annual publication, in which the survey is published.

Westpac director and senior economist, Justin Smirk, said while there were positives to the introduction of the trading ban on the Kina, there were also implications.

Smirk said the current situation constrains local business expansion and creates a tightening in the Kina market.

Smirk said the decision to peg the kina in July 2014 ensured currency stability, prevented mass depreciation and created certainty in the Kina.

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.