Market Research In Papua New Guinea

Papua New Guinea Profile:

Papua New Guinea, officially the Independent State of Papua New Guinea, is an Oceanian country and is one of the most culturally diverse countries in the world.
Papua New Guinea (PNG) is richly endowed with natural resources, but exploitation has been hampered by rugged terrain, land tenure issues, and the high cost of developing infrastructure.
Strong growth in Papua New Guinea’s mining and resource sector led to the country becoming the sixth fastest-growing economy in the world in 2011.
Numerous challenges still faced by the government, including providing physical security for foreign investors, regaining investor confidence, restoring integrity to state institutions, promoting economic efficiency and maintaining good relations with Australia.
Due to lower global commodity prices, resource revenues of all types have fallen dramatically. PNG’s government

Papua New Guinea Economy:

Papua New Guinea is classified as a developing economy by the International Monetary Fund.
The economy has a small formal sector, focused mainly on the export of those natural resources, and an informal sector, employing the majority of the population.
Agriculture provides a subsistence livelihood for 85% of the people. Nearly 40% of the population lives a self-sustainable natural lifestyle with no access to global capital.
The global financial crisis had little impact because of continued foreign demand for PNG’s commodities.
Other socio-cultural challenges could upend the economy including chronic law and order and land tenure issues.

Papua New Guinea Facts:

Population: 6.9 million
Capital: Port Moresby
Largest city: Port Moresby
Area: 462,840 sq km
Major language: Tok Pisin (official), English (official), Hiri Motu (official)
Major religion: Roman Catholic 27%, Protestant 69.4%
Life expectancy: 65.1 years (Male), 69.7 years (Female)
Monetary unit: 1 Kina (PGK) = 100 Toea
Main exports: Oil, gold, copper ore, logs, palm oil, coffee, cocoa, crayfish, prawns
GNI per Capita: $4,150

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