sign in sign up
<<
Home , James Marape, Papua New Guinea, Port Moresby

New

Introduction Key Economic Facts Risk Assessment (Provided by Coface) Papua is a country in , occupying the Income Level (by per capita Lower Middle Income Country rating: B - Political and economic uncertainties eastern half of the New Guinea and numerous GNI): and an occasionally difficult business environment can offshore . borders the , Level of Development: Developing affect corporate payment behavior. Corporate default the Southern , and GDP, PPP (current international $39.91 billion (2019) . The country's geography is $): probability is appreciable. diverse. A spine of , the New GDP growth (annual %): 5.90% (2019) Business Climate rating: C - The business environment is Guinea , runs the length of the GDP per capita, PPP (current $4,547.56 (2019) difficult. Corporate financial information is often unavailable island forming a region covered with international $): and when available often unreliable. Debt collection is dense . The government system is a External debt stocks, total $18,744,154,313.40 (2019) unpredictable. The institutional framework has many constitutional parliamentary democracy and a (DOD, current US$): ; the chief of state is the queen of the Manufacturing, value added (% 1.72% (2018) troublesome weaknesses. Intercompany transactions run , and the head of GDP): major risks in the difficult environments rated C. of government is the prime Current account balance (BoP, $5.45 billion (2018) Strengths current US$): minister. Although much of the • Abundant natural resources: ores (copper, gold, population relies on subsistence Inflation, consumer prices 3.64% (2019) , ), hydrocarbons (oil, gas) and farming, Papua New Guinea (annual %): has a mixed economy in which Labor force, total: 2,727,004 (2020) agricultural products (wood, coffee, cocoa, ) a lack of a market economy has Unemployment, total (% of 2.49% (2020) • Financial support from multilateral institutions resulted in state monopolies in total labor force) (modeled ILO estimate): • Construction of production units some sectors of the economy. Papua New Guinea is a Imports of goods and services $7.49 billion (2012) Weaknesses member of the Asia-Pacific Economic Cooperation (APEC). (current US$): • Highly exposed to natural disasters Location: Oceania, Exports of goods and services $7.98 billion (2012) • Weak infrastructure network (current US$): : (+10 GMT) • Economy dependent on commodities exports Chief of State: Queen Elizabeth II represented by GDP Composition % General Grand Chief Sir Services Industry Manufacturing • Significant shortcomings in terms of governance • Low rate, lack of skilled labor Head of Govt.: Prime Minister • Difficulties in accessing foreign exchange 42 37 Currency: Kina (PGK) 17 2 U.S. Embassy Major :

Tok Pisin (official), English (official), (official), some 836 *Although Manufacturing is included in the Industry figures, it is also separately reported because it plays a critical role in economy. U.S. Embassy Port Moresby indigenous languages spoken (about P.O. Box 1492 12% of the 's total)

Rankings Port Moresby Primary Religions:

Roman Catholic 26%, Protestant Index Rank Papua New Guinea 64.3% (Evangelical Lutheran 18.4%, Corruption Perceptions Index 137 / 180 Seventh Day Adventist 12.9%, Pentecostal 10.4%, United Church Index of Economic Freedom 100 / 179 https://pg.usembassy.gov 10.3%, Evangelical 5.9%, International Logistics Performance Index (LPI) 148 / 160 Anglican 3.2%, Baptist 2.8%, Salvation Army .4%), other Christian Inward FDI Potential Index 116 / 139 5.3%, non-Christian 1.4%, unspecified KOF Index of Globalization 137 / 185 3.1% (2011 est.)

Open Budget Index 45 / 115 Calling Code: 675 Voltage: 240

Key Websites

Main Government Page: parliament.gov.pg Export Promotion Agency: ipa.gov.pg Investment Promotion ipa.gov.pg Agency:

Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV