Westpac Report: PNG Economy Shows Resilience with Strong Growth Forecast
Papua New Guinea's economy demonstrated resilience in the first half of 2026, according to Westpac's Wailis June 2026 PNG Quarterly Economic Update. The report highlights solid growth, increased export earnings, and improved foreign exchange conditions as key factors supporting the country's economic outlook. Major investments are also contributing to this positive trend. Westpac projects that PNG is on course to achieve real GDP growth of 4.6 percent in 2026. This follows an estimated growth rate of 5.5 percent in 2025. The sustained economic performance indicates a stable environment for future development and investment. The update suggests that the combination of robust domestic activity and favorable external conditions is underpinning the nation's economic trajectory.
Westpac's report indicates a positive economic trajectory for Papua New Guinea, driven by strong growth and export performance. The projected GDP figures suggest a period of sustained expansion, which could attract further foreign investment and domestic development. This outlook warrants attention regarding how the government and private sector will manage these growth opportunities to ensure inclusive and sustainable development. Key considerations for the next decade include diversifying the economy beyond resource exports and strengthening governance to ensure that economic gains translate into broad-based improvements in living standards and infrastructure.
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