Economy will improve: Hughes

Business

By SHIRLEY MAULUDU

THE PNG economy may be at the end of its economic downturn, according to Westpac PNG managing director Adrian Hughes.
Hughes, pictured, made the observation during a recent interview with The National.
“The economy is going through its economic difficult times. I don’t think there is any doubt about that,” he said.
“We think we are at the end of the downturn, the economic downturn. And we are optimistic things will improve over the next two years.”
Hughes noted that the improvement would be at the back of new resource projects.
“Things will improve off the back of the investment associated with the Papua LNG project, which looks like it is progressing well.
“Westpac has been in PNG for over a hundred years. We’ve been through quite a number of economic cycles.
“We are here for the long term, we are here to support our customers through the difficult times, also support them through the good times.  “My observation of the business community is that it is very resilient, a resilient business community, and all do make what decisions are necessary to help them get companies through the tough times.
“So we are positive about the outlook.”
However, he said the economy had good things going for it.
“The economy has got a lot going for it and I think we must never forget that. There’s a lot of positives,” he said.
“It’s a growing economy with abundant natural resources.
“It’s got a good track record with development projects, it’s got the opportunity to expand into agriculture, great opportunity to expand in the tourism and as a bank, we’ll support those people who are looking to promote and invest in those industries.
“The bank is very excited about the role that we have to play in Papua New Guinea.”