Papua New Guinea’s Economic Growth Faces Challenges, Says Prime Minister Marape at 2024 PNG Update,

 

By: vinlin Yanda

1st, September 2024

 

Prime Minister James Marape has reaffirmed his commitment to steering Papua New Guinea’s economy through turbulent times, highlighting key impediments during his keynote address at the 2024 PNG Update. The event, held at the University of Papua New Guinea’s Waigani campus, focused on the theme “Securing a Stable Environment for Growth and Development.”

 

Marape identified three critical issues affecting the country's economic growth: lack of relevant education, limited employment opportunities, and the subsequent lawlessness these conditions generate.

 

“The lack of relevant education opportunities for our people, the lack of employment, and the lawlessness that follows from both are the main impediments to our economic progress,” said Marape, addressing a packed audience of students, academics, and policymakers.

 

Reflecting on PNG's progress since independence, Marape pointed to political instability as a significant barrier to long-term growth. He referenced the country's early years, emphasizing that instability in government leadership has often slowed development. However, he praised the late Grand Chief Sir Michael Somare for leading a stable government from 2002 to 2011, during which the economy grew from K17 billion to over K40 billion.

 

“Sir Michael Somare’s leadership brought stability and boosted the economy, something we can all look back on with pride,” he said.

 

The two-day PNG Update, organized in partnership with the Australian National University’s Development Policy Centre, brought together academics and policymakers to explore pathways for economic and social development. The event featured a wide range of discussions, including those focused on economic policy, national security, and the geopolitical landscape.

                                               

Dr. Lawrence Sause, Acting Executive Dean of UPNG’s School of Business and Public Policy, emphasized the importance of such conferences. “Societies progress through thoughts and ideas, and events like this are crucial in fostering that progress,” he said, urging attendees to take advantage of the research presented during the conference.

 

The 2024 PNG Update is considered one of the country's premier platforms for discussing contemporary issues and shaping future policy directions.


Prime Minister James Marape (Right), has reaffirmed his commitment to steering Papua New Guinea’s economy through turbulent times, highlighting key impediments during his keynote address at the 2024 PNG Update. Picture credits, Vinlin Yanda.



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