Prime Minister Hon. James Marape announced today that Papua New Guinea’s economic outlook is showing significant improvement, driven by stronger growth, low and stable inflation, and a substantial easing of foreign exchange (FX) shortages.

“The PNG economy is on a positive trajectory, with inflation persistently remaining below the historical average of 5.5 percent, and even lower than global averages— demonstrating the government’s strong commitment to price stability,” the Prime Minister stated.

Prime Minister Marape highlighted the International Monetary Fund’s (IMF) GDP growth projection of 4.6 percent for 2024, which places Papua New Guinea among the fastest- growing economies in the region.

“The FX backlog for essential imports has improved drastically with waiting times for essential orders dropping significantly. BSP Financial Group has reduced wait times from a peak of six-to-eight weeks to just two-to-four weeks, with other banks reporting similar improvements. The Bank of Papua New Guinea is also injecting more FX into the market than ever before. This will help promote investment, jobs, and growth,” said the Prime Minister.

“These positive outcomes are the result of taking tough policy decisions, proving that doing the right thing is paying off. Overall, the outlook is bright, with stronger growth, stable inflation, and easing FX shortages leading the way forward.”