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    Building a Dynamic Pacific Economy: Strengthening the Private Sector in Papua New Guinea
    Building a Dynamic Pacific Economy: Strengthening the Private Sector in Papua New Guinea
    Building a Dynamic Pacific Economy: Strengthening the Private Sector in Papua New Guinea
    Ebook190 pages1 hour

    Building a Dynamic Pacific Economy: Strengthening the Private Sector in Papua New Guinea

    By Asian Development Bank

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    This report critically analyzes the complex environment for private sector development in Papua New Guinea, showing the country's potential to capitalize on its vast wealth well into the coming decades. However, to ensure sustainable and inclusive growth, Papua New Guinea needs ongoing reform so that the benefits of future resource exports benefit the entire economy. This report was produced by the Pacific Private Sector Development Initiative, a regional technical assistance facility cofinanced by the Asian Development Bank (ADB), the Government of Australia, and the New Zealand Government.
    LanguageEnglish
    PublisherAsian Development Bank
    Release dateMay 1, 2015
    ISBN9789292549008
    Building a Dynamic Pacific Economy: Strengthening the Private Sector in Papua New Guinea

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      Book preview

      Building a Dynamic Pacific Economy - Asian Development Bank

      BUILDING A DYNAMIC PACIFIC ECONOMY

      STRENGTHENING THE PRIVATE SECTOR IN PAPUA NEW GUINEA

      Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)

      © 2015 Asian Development Bank

      6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines

      Tel +63 2 632 4444; Fax +63 2 636 2444

      www.adb.org; openaccess.adb.org

      Some rights reserved. Published in 2015.

      Printed in the Philippines.

      ISBN 978-92-9254-899-5 (Print), 978-92-9254-900-8 (e-ISBN)

      Publication Stock No. RPT157174-2

      Cataloging-In-Publication Data

      Asian Development Bank.

      Building a dynamic Pacific economy—strengthening the private sector in Papua New Guinea.

      Mandaluyong City, Philippines: Asian Development Bank, 2015.

      1. Private sector. 2. Papua New Guinea. I. Asian Development Bank.

      The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

      ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.

      By making any designation of or reference to a particular territory or geographic area, or by using the term country in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

      This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of said license as well as the Terms of Use of the ADB Open Access Repository at openaccess.adb.org/termsofuse

      This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material.

      Attribution—In acknowledging ADB as the source, please be sure to include all of the following information:

      Author. Year of publication. Title of the material. © Asian Development Bank [and/or Publisher]. https://openaccess.adb.org. Available under a CC BY 3.0 IGO license.

      Translations—Any translations you create should carry the following disclaimer:

      Originally published by the Asian Development Bank in English under the title [title] © [Year of publication] Asian Development Bank. All rights reserved. The quality of this translation and its coherence with the original text is the sole responsibility of the [translator]. The English original of this work is the only official version.

      Adaptations—Any translations you create should carry the following disclaimer:

      This is an adaptation of an original Work © Asian Development Bank [Year]. The views expressed here are those of the authors and do not necessarily reflect the views and policies of ADB or its Board of Governors or the governments they represent. ADB does not endorse this work or guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.

      Please contact OARsupport@adb.org or publications@adb.org if you have questions or comments with respect to content, or if you wish to obtain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo.

      Note: In this publication, $ refers to United States dollars, unless otherwise stated. K refers to Papua New Guinea kina.

      Pacific Liaison and Coordination Office

      Level 20, 45 Clarence Street

      Sydney, NSW 2000, Australia

      Tel + 612 8270 9444

      Fax + 612 8270 9445

      www.adb.org/offices/pacific/pacific-private-sector-development-initiative#

      This is a publication of the Pacific Private Sector Development Initiative (PSDI) team, with input from the Asian Development Bank’s (ADB’s) Papua New Guinea Resident Mission. The report was prepared under the supervision of ADB’s Pacific Liaison and Coordination Office in Sydney, Australia. PSDI is a regional technical assistance facility cofinanced by ADB, the Government of Australia, and the New Zealand Government. This publication does not necessarily reflect the views and policies of either government.

      CONTENTS

      TABLES, FIGURES, AND BOXES

      ABBREVIATIONS

      FOREWORD

      This report critically analyzes the complex environment for private sector development in Papua New Guinea (PNG). It focuses on the policy and institutional requirements to achieve sustained, broad-based private sector growth. The Asian Development Bank (ADB) prepared a private sector assessment for PNG in 2008, through the Pacific Private Sector Development Initiative (PSDI). This report reviews PNG’s private sector environment against issues identified in the 2008 assessment, and expands the review to the wider economy.

      PNG has gone through a period of exponential growth that, over the recent past, places it among the world’s most rapidly developing economies. This growth benefitted from the huge increase in demand for commodities worldwide, particularly in Asia. However, it was also founded on stable fiscal and monetary policies that, together with deep structural reforms in banking, financial services, and telecommunications, unleashed the private sector’s job-creating potential. To ensure sustainable and inclusive future growth, PNG needs further reform to create opportunities for new and existing businesses to expand. Without linkages that promote private sector development, there is a risk that the benefits of future resource exports will not spread to the rest of the economy.

      Making PNG a safer, more productive, and easier place to do business will depend on investments in infrastructure and operation and maintenance, reforming the way in which essential services are delivered in a geographically challenging environment, and focusing on improving safety in personal and business transactions. This report analyzes the many unique challenges that PNG faces in achieving its economic and human development goals, and also shows the immense and positive potential for capitalizing on the country’s vast wealth and opportunities well into the coming decades.

      I sincerely thank the Government of Papua New Guinea and the numerous members of the private sector who contributed to the analysis. PSDI, a regional technical assistance facility cofinanced by ADB, the Government of Australia, and the New Zealand Government, produced the report. ADB’s Pacific Liaison and Coordination Office and Papua New Guinea Resident Mission provided valuable advice, significant inputs, and logistical support during report preparation.

      I trust that this report will provide interesting information and ideas for further discussions and actions to promote a vibrant private sector in PNG.

      Xianbin Yao

      Director General

      Pacific Department

      Asian Development Bank

      1 OVERVIEW

      This private sector assessment (PSA) reviews the Papua New Guinea (PNG) key approaches to developing the economy, attracting private investments, and steering market-based growth. It also discusses the major hindrances faced by private investors. The research focuses on policies affecting private sector activities, and suggests and analyzes policy adaptations to place the economy on sustained, high growth rates.¹

      ECONOMIC MANAGEMENT

      Impressive record on growth, but disappointing impact on poverty. Between 2005 and 2013, the economy grew at an annual 6.4% average, with income per capita reaching $2,010 in 2013.² Growth benefitted from macroeconomic stability and reduced output volatility and, since 2009, was powered by large external inflows into the natural resources sector. However, poverty rates stagnated between 1995 and 2010 and PNG is lagging on progress toward the Millennium Development Goals.

      A fraught business environment. PNG has one

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