O’Neill says economy is turning corner

PRIME Minister Peter O’Neill says the economy “has turned a corner” as the nation prepares to welcome 2019.
In his New Year message, he said the fall in commodity prices and a slowdown in major trading partners, “our economy inevitably suffered”.
“But as a people, and as a Government, we never let our spirits down, and we never gave up,” he said.
“We continued to persevere and work hard, we maintained our focus on the positives and now we are seeing the benefits of our efforts, and our faith.
“After a few challenging years, our economy has turned a corner and we a seeing positive outcomes.
“The basis of our economy is strong, we are resource-rich and we are a resourceful people.”
O’Neill said hosting the Asia-Pacific Economic Cooperation Leaders’ Summit in November “put on global display the very best of our nation”. “The world saw our culture and the beauty of our country, and many more tourists are visiting PNG,” he said.
“Very importantly, we were able to showcase our economy and the investment potential we hold.
We are already seeing the benefits of this positive exposure in global financial markets. Investor interest has risen and this is leading to greater potential for Government and business to raise capital for major developments.”
He said agriculture had great potential.
“With our fertile soil, and millions of our people to work the land, we are strengthening our agriculture sector,” he said.
“We can grow more food for our people and export the surplus to markets in Australia, Asia and Europe.
“We can be the food bowl of our region.”