Economic growth stable: Chamber

By MARK HAIHUIE
THE country has gone through 12 consecutive years of economic growth often at rates approaching double figures, according to the PNG Chamber of Commerce and Industry.
Chamber president John Leahy told a trade delegation from Guangzhou city, Guangdong province in China it was an exciting era for the nation.
Members of the delegation attended a seminar in Port Moresby with members of the local business community and public servants on the business environment and investment opportunities in PNG.
“Papua New Guinea has entered a new and exciting era. This highly stable environment has seen over 12 consecutive years of economic growth often at rates approaching double figures,” Leahy said.
“You will all know about the massive LNG project. But growth in PNG is much deeper than that.
“We have made it through the global financial crisis and have come out well placed to take advantage of the opportunities.
“The country has had very strong balance sheet with a modest level of debt in comparison to GDP (Gross Domestic Product).”
He said significant foreign reserves had been affected in the short term by weak global commodity prices.
He said the private sector was seen as the engine of growth in PNG.
“The challenge we are working in now is to translate this growth into much greater opportunities for the Small to Medium Enterprise sector,” he said.