PNG Prime Minister Marape Addresses Economic Growth Amid Opposition Challenges
Papua New Guinea Prime Minister and Treasurer James Marape has responded to critiques from the Opposition by underscoring substantial economic progress since assuming office in 2019.
Highlighting the trajectory of the nation's economy under his administration, Prime Minister Marape remarked, "The economy has seen growth since our tenure began, a stark contrast to the recession we inherited from Mr. O’Neill in 2018."
During a period marked by pessimistic portrayals of the country's economic outlook by the Opposition, Prime Minister Marape reassured the public, stating, "We are not economically illiterate, as some would have the nation believe."
Drawing attention to historical economic data, he underscored the recent strides made. "A glance at our economic journey over the past 49 years reveals significant growth, particularly in the last four years. From K79.6 billion in 2019 to K111 billion in 2023, our economy has witnessed unprecedented expansion."
Furthermore, Prime Minister Marape refuted allegations of mismanagement concerning the country’s debt and inflation levels.
"When discussing debt, it's crucial to consider its proportion to the GDP. Our current debt-to-GDP ratio of 52 percent in 2024 is not the highest; the peak was in the late 1990s and early 2000s at over 70 percent," he explained.
He also addressed inflation concerns, citing data from the Bank of Papua New Guinea to contextualize recent inflation rates.
Prime Minister Marape elaborated on the government's initiatives to support the populace during challenging times. "We have implemented significant measures to alleviate the burdens faced by our citizens, including tax relief for low-income earners and assistance for essential household expenses."
Additionally, he highlighted the government's investments in education, healthcare, and infrastructure, emphasizing their positive impact on the nation's development.
Prime Minister Marape urged Papua New Guineans to acknowledge the progress and stability achieved under his leadership, cautioning against being misled by political agendas.
"As evidenced by increasing membership and record profits in pension funds, as well as significant growth in employment and education enrollment, our efforts are yielding tangible results," he asserted.
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