Prime Minister, James Marape has welcomed encouraging economic indicators highlighted in Westpac Bank’s latest PNG Economic Update.
He described them as further confirmation that Papua New Guinea’s economy is strengthening under the Marape-Rosso Government.
According to the report, PNG’s economy is projected to grow in 2026, supported by stable commodity prices, improved business conditions, stronger fiscal consolidation, and the anticipated impact of major resource projects.
Prime Minister Marape said the positive outlook reflects the Government’s consistent efforts to restore macroeconomic stability and stimulate growth across key sectors.
“The signs are clear. Our economy is stabilizing and strengthening. Under our leadership, we have protected fiscal discipline, supported key industries, and laid the groundwork for sustainable growth,” Prime Minister Marape said.
The Westpac Update noted improvements in foreign exchange management, stronger gold export revenues, and increased business confidence. PNG’s gold exports reached significant levels in 2025, driven by favorable global prices and improved production capacity.
Prime Minister Marape said this performance underscores the resilience of PNG’s resource sector and the Government’s commitment to supporting mining and petroleum operations.
“Our resource sector remains a backbone of our economy. High gold prices and stronger export volumes are delivering improved revenues and strengthening investor confidence in Papua New Guinea,” he stated.
He emphasized that fiscal consolidation measures introduced by his government have improved budget management while protecting priority spending in health, education, infrastructure, and law and order.
“We have taken difficult but necessary decisions to restore fiscal credibility. Stronger budget discipline and improved revenue performance are positioning PNG for sustained economic expansion,” Prime Minister Marape said.
The Prime Minister also highlighted growth momentum beyond the extractive sector, pointing to agriculture, fisheries, SMEs, and infrastructure development under the Connect PNG Program.
“Economic growth is not only about mining and gas. Our farmers, fishermen, small businesses, and provincial economies are contributing to this progress. We are building a diversified and resilient economy,” he said.
Prime Minister Marape noted that improvements in the foreign exchange environment would continue to ease business constraints and attract further investment.
“Foreign exchange stability is critical for business confidence. As major projects progress and export earnings rise, we expect continued improvement in FX availability,” he added.
The Prime Minister reiterated that major projects such as Papua LNG and other strategic investments will further strengthen PNG’s medium-term growth outlook.
“The future is positive. With strong commodity prices, responsible fiscal management, and transformational projects in the pipeline, Papua New Guinea is entering a new phase of economic expansion,” he said.
Prime Minister Marape concluded by reaffirming his government’s long-term vision for economic independence and inclusive growth.
“Our goal is simple: economic growth that benefits all Papua New Guineans. We are resetting our economy, strengthening institutions, and ensuring that growth translates into real improvements in people’s lives. The positive outlook reported by Westpac confirms that we are on the right path.”