Unemployment in PNG 2023 Update: Causes, Effects, and Statistics

Papua New Guinea (PNG) is a country with abundant natural resources and a diverse culture. Despite its rich resources, the country faces high unemployment rates that have become a significant concern. 

This article explores the unemployment situation in PNG, including the causes, effects, and statistics related to unemployment in the country.

What is the unemployment rate in PNG?

The unemployment rate in PNG has been on the rise in recent years. However, PNG statistical office does not have the latest (and up-to-date) facts and figures.

According to Trading Economics, the unemployment rate in PNG was at 4.87% in 2019, which increased to 7.12% in 2020. 

The COVID-19 pandemic and the global economic downturn have contributed to this increase in unemployment rates.

What are the causes of unemployment in PNG?

• Lack of economic opportunities in the country: There are several causes of unemployment in PNG. One of the primary reasons is the need for more economic opportunities in the country. The country heavily relies on extractive industries, such as mining and logging, which do not provide enough jobs to meet the demand. Additionally, PNG has a limited market, which makes it difficult for businesses to expand and create more job opportunities.

• Lack of education and skills training: Another cause of unemployment in PNG is the lack of education and skills training. The education system in PNG is underdeveloped. Many people do not have access to education or vocational training, which limits their job opportunities. Furthermore, the country faces a high rate of youth unemployment due to the lack of job opportunities and a mismatch between the skills of young people and the demands of the labour market.

How many people are unemployed in Papua New Guinea?

The number of unemployed people in PNG is a significant concern. According to Macrotrends, the number of unemployed people in PNG was 238,000 in 2020. This figure includes both the unemployed and those who are underemployed or working in part-time jobs.

In a recent article, the Post Courier article highlighted the high unemployment rate in the NCD, which was reported to be over 20% of the city's population, according to the National Statistical Office. The article cited a lack of job opportunities and skills training as major factors contributing to the problem, and calls for urgent action to address the issue.

What is the female unemployment rate in Papua New Guinea?

The female unemployment rate in PNG is higher than the male unemployment rate.

According to PNG National Research Institute (PNG NRI), the female unemployment rate was at 10% in 2019, which is significantly higher than the male unemployment rate of 6.2%. 

This is due to several factors, including gender inequality, lack of education and skills training, and the cultural bias that favours men over women.

Examples and facts about unemployment in PNG

PNG NRI has reported that the youth unemployment rate in PNG is high, with approximately 17% of young people aged between 15-24 years being unemployed. This is a concern, given that young people make up a significant portion of the population in PNG. 

The report also highlights that the lack of job opportunities for young people is a major concern, as it can lead to social unrest and increased crime rates.

In another report by ABC News, it is revealed that the youth unemployment crisis in PNG has been exacerbated by the booming youth population in the country. 

The report states that the number of young people in PNG is expected to double by 2040, which highlights the urgency of addressing the youth unemployment issue.

Conclusion

Unemployment in PNG remains a significant concern, with high rates of youth and female unemployment. 

The lack of economic opportunities and education and skills training are among the primary causes of unemployment in the country. 

It is crucial for the government and other stakeholders to address these issues and create more job opportunities for the people of PNG. By doing so, the country can harness its vast resources and create a prosperous future for all.

How to Invest in Stocks and Bonds in PNG: A Beginner's Guide

Papua New Guinea (PNG) is a rapidly growing economy that offers opportunities for investors who are willing to take on some risk. Investing in stocks and bonds in PNG can be a great way to diversify your portfolio and potentially earn high returns. 

In this beginner's guide, we'll cover everything you need to know about how to invest in stocks and bonds in PNG.

Choose a Broker

The first step in investing in stocks and bonds in PNG is to choose a broker. There are several reputable brokers in PNG, including 

• Kina Securities, 
• BSP Capital, and 
• Capital Markets. 

It is important to choose a broker that is licensed and regulated by the Bank of PNG to ensure that your investments are safe and secure.

Understand the Fees

When you invest in stocks and bonds in PNG, you will incur brokerage fees, which are charged by the broker for executing trades on your behalf. 

Brokerage fees vary depending on the broker and the size of the trade, but they typically range from 0.25% to 1% of the trade value.

Know the Stocks Available on POMSoX

The PNG Stock Exchange (POMSoX) is the only stock exchange in PNG, and it lists several companies in various sectors, including banking, telecommunications, and mining. 

Some of the stocks available on POMSoX include:

• Bank South Pacific Limited (BSP), 
• Credit Corporation (PNG) Limited (CCP),
• NGIP Agmark (NGP)
• Kina Securities Limited (KSL),
• Newcrest Mining Limited (NCM) and
• City Pharmacy Limited (CPL).

Check out the complete list of companies on POMSox website. 

If you want to find out how to invest in stocks, check out this article I wrote in 2017.

Differentiate Between Stocks and Bonds

Stocks and bonds are two different types of investments that offer different benefits and risks. 

Stocks represent ownership in a company and offer the potential for high returns but come with high risk due to market volatility. 

Bonds, on the other hand, represent debt and offer a fixed rate of return but come with low risk due to their stability.

Understand Government Bonds

Investing in government bonds is a low-risk investment option that offers a fixed rate of return over a set period. 

The Papua New Guinea government issues several types of bonds, including Treasury Bills, Inscribed Stock, and Inscribed Stock Indexed. 

These bonds can be purchased through a broker, and the minimum investment amount is usually PGK 5,000.

Visit the Central Bank of PNG website for more info on Treasury Bill and Government Bond.

(Screenshot Central Bank of PNG Bills and Bonds Rates)

SWOT Analysis of Stocks and Bonds Investments in PNG

Strengths:

• High potential returns in a growing economy
• Diversification opportunities to spread risk
• Government policies to promote investment

Weaknesses:

• Market volatility with fluctuating prices
• Limited options and lack of reliable information
• Currency risk due to exchange rate fluctuations

Opportunities:

• Growing economy with abundant natural resources
• Infrastructure development priorities
• Emerging markets for new investment opportunities

Threats:

• Political instability and natural disasters
• Currency risk and exchange rate fluctuations

Conclusion

Investing in stocks and bonds in PNG can be a lucrative opportunity for investors who are willing to take on some risk. 

By following the steps above, investors can choose a reputable broker, understand the fees, research available stocks, differentiate between stocks and bonds, and understand government bonds. 

With careful consideration and a long-term investment strategy, investors can potentially earn high returns in a growing economy. 

However, it is important to be aware of the risks and threats associated with investing in PNG and to seek advice from professional brokers before making any investment decisions.

Golden Sun PNG Investment Company - Scam or Legit?

Golden Sun Investment website is a movie review platform that has been gaining a lot of attention in Papua New Guinea (PNG) in recent times. The platform has attracted mixed reactions, with some people claiming that it is a clever scheme run locally, while others insist that it is a legitimate investment opportunity that has enabled them to make money. 

This article will provide a balanced argument about Golden Sun Investment and address some of the issues raised by both sides.

Update: Here is how much Golden Sun made from the poor Papua New Guinean victims

Want to make real money online, sustainably? Find out here 

 

Golden Sun Investment

First, it is important to realise that while some people have made money through Golden Sun Investment and online fast money schemes, it is not a guaranteed way of making money. 

As with any investment where you put money in to make more money, there are risks involved, and people should be cautious and do their own research before investing their hard-earned money. 

Note that while some people have had positive experiences with Golden Sun, this does not necessarily mean that the platform is legitimate or that it will continue to operate sustainably.

Here is a discussion on Twitter that you might want to check out.

Legitimacy of Golden Sun PNG Company - legit or scam?

On the other hand, some people have raised concerns about the legitimacy of Golden Sun Investment, claiming that it is a scam. 

In particular, in this article on PNG Attitude, Gabriel mentioned that Golden Sun is a clever scheme. It is run within PNG and not out of the UK, as the Golden Sun website claims. 

He says that after analysing the movie reviews and transactions, he found that the transaction packets did not go to an internet payment gateway (IPG), but to a data centre in the United Kingdom that hosts the website. 

He also says that when people click the withdrawal button, a website administrator in PNG receives their request, along with their user ID and bank details, and then physically transfers money to their account via SMS or internet banking.

These claims are serious and should be taken seriously. If true, they suggest that Golden Sun Investment is not a legitimate investment opportunity and that people should be wary of investing their money in it. 

However, these claims have not been independently verified, and it is possible that they are not entirely accurate or that they do not tell the full story. Therefore, it is essential to approach these claims with an open mind and to do your own research before making any investment decisions.

Find out how to invest in PNG companies, Government Bonds and Treasury Bills and make - you can do all these in PNG.

Golden Sun App Investor's Response

Some people have had positive experiences with Golden Sun Investment and have been able to make money through the platform. For example, Augustine Memelua (in the comments on the article linked above) claims to be a member of Golden Sun Investment and says that the claims made by Gabriel are false. 

Augustine says that you cannot withdraw when you register in level F, but that you have to register in levels D up to S and earn more dollars before you can withdraw. 

Augustine also claims to have paid K720 (level D) and has already withdrawn it, and has now earned K951 from his K720.

While Augustine's claims are positive, it is important to remember that they do not necessarily mean that Golden Sun Investment is a legitimate investment opportunity. 

Is Golden Sun Earning Sustainable?

Just because some people have made money through the platform does not mean that it is sustainable or that everyone will be able to make money in the future. 

As mentioned earlier, investing in Golden Sun Investment, like any other investment and fast-money-making scheme, carries risks. People should be cautious and do their own research before investing their money.

Do Your Research on Golden Sun PNG - do not rush into it!

All in all, it is clear that Golden Sun Investment has attracted a lot of attention in PNG, with some people claiming that it is a legitimate investment opportunity that has enabled them to make money, while others insist that it is a scam. 

While the claims made by both sides are serious and should be taken into consideration, it is important to approach them with an open mind and to do your own research before making any investment decisions.

Ultimately, investing in Golden Sun Investment, like any other investment, carries risks, and people should be cautious and manage their hard-earned properly.

NOTE: If you have participated in Golden Sun PNG, let PNG Insight readers know how to register, also explain the different levels of movie reviews, so that it can help know how it works.

How to Apply to Hagen Technical College (HATECO): Application and Selection Info

Mt Hagen Technical College is a higher technical institution located in Hagen City, Western Highlands Province. This esteemed technical college provides opportunities for both Grade 12 school leavers and non-school leavers to pursue a wide range of technical and non-technical programs.

Programs of Study at Hagen Technical College 

Hagen Technical College offers various technical programs, including:

1. Diesel Heavy Equipment Fitting

2. Motor Vehicle Mechanic

3. Auto Electrical

4. Welding

5. Carpentry

In addition to these technical courses, the college also provides non-technical programs such as:

1. Business Studies

2. Cookery

3. Tourism and Hospitality

Check out the full list of technical colleges in PNG here, and find out about the courses and admission info.

Eligibility Requirements

To be eligible for admission to Hagen Technical College, you should have a Grade Point Average (GPA) above 2.0. 

It is also necessary to have achieved B grades in English and Literature, as well as Mathematics, and C grades or higher in other Grade 12 subjects.

Note that there are other factors that can affect your selection to the HATECO such as:

• your performance across all the subjects you take in Grade 12, 
• applicants who may have had better grades,
• competition for the limited number of spaces available at the college,
• course selections and
• other enrolment problems.

DO NOT PAY A BRIBE TO ANYONE CLAIMING TO BE FROM HATECO TAKING APPLICATIONS OR MAKING SELECTIONS. REPORT THEM TO THE POLICE AND DHERST.

To read about the Technical Colleges as the key institution for development in PNG, click here.

Non-School Leavers Application Form

If you are a non-school leaver interested in applying to Hagen Technical College, you can obtain the application form directly from the college. Ensure that you collect the 2024 application form and carefully review the instructions.

To apply as a non-school leaver, you need to complete the application form provided by Hagen Technical College. 

The form will require you to provide relevant personal information, educational background, and your preferred program of study. Make sure you fill out all the required sections accurately.

Once you have filled out the application form, you should submit it to the college's administration office along with any required supporting documents. 

Failure to provide all the necessary documents may result in non-selection, so be diligent in preparing the required paperwork.

Click here to find out about the selection list for non-school leavers.

Applying as a Grade 12 School Leaver

If you are a Grade 12 school leaver, the application process is slightly different. The Department of Higher Education, Research, Science, and Technology has established the National Online Application System (NOAS) to streamline the application process for school leavers.

To apply through NOAS, you need to fill out the school leavers' form, which can be accessed online on the NOAS platform. The form will require you to provide your personal details, academic qualifications, and preferences for the Technical College you wish to attend.

During this process, your school's deputy principal and the class patron will guide you. Make sure to carefully review and submit your application before the specified deadline to ensure consideration for admission.

Important Tips for Applicants for the 2024 Academic Year

For those planning to apply for the 2024 academic year, it is crucial to stay updated with the application deadlines and requirements. 

Regularly check the announcements made by Hagen Technical College and the Department of Higher Education, Research, Science, and Technology regarding the application process.

To avoid any last-minute complications, gather all the necessary documents, such as academic transcripts, certificates, and identification, well in advance. 

Completing the application process promptly and accurately will enhance your chances of securing admission to Hagen Technical College.

Collect Information on Application and Admission

For further information on the application form, admission requirements, or any other inquiries, you can contact Hagen Technical College using the following details:

• Contact Address: PO BOX 1155 Mt Hagen WHP
• Phone: 542 1133
• Email: hateco@global.net.pg

Feel free to reach out to the college through these contact channels to seek assistance or clarification on any aspect of the application process.

Apply to Hagen Technical College (HATECO)

In conclusion, Hagen Technical College provides valuable opportunities for both Grade 12 school leavers and non-school leavers to pursue technical and non-technical programs. 

By following the application guidelines provided, you can maximise your chances of securing admission to Hagen Technical College for the 2024 academic year. 

Stay organised, meet the eligibility requirements, and submit your application promptly to embark on an exciting educational journey at Hagen Technical College.

Applicants FAQs

Q1: What are the application deadlines for Hagen Technical College for the 2024 academic year?

A1: The specific application deadlines for the 2024 academic year at Hagen Technical College will be announced by the college and the Department of Higher Education, Research, Science, and Technology. It is important to stay updated with their announcements to ensure timely submission of your application.

Q2: Can non-school leavers apply to Hagen Technical College?

A2: Yes, Hagen Technical College accepts applications from non-school leavers. Non-school leavers can obtain the application form directly from the college and submit it along with the required documents to the administration office.

Q3: What are the eligibility requirements for admission to Hagen Technical College?

A3: To be eligible for admission, you should have a Grade Point Average (GPA) above 2.0. Additionally, you should have obtained B grades in English and Literature, as well as Mathematics, and C grades or higher in other Grade 12 subjects.

Q4: Can Grade 12 school leavers apply online for Hagen Technical College?

A4: Yes, Grade 12 school leavers can apply online through the National Online Application System (NOAS) established by the Department of Higher Education, Research, Science, and Technology. They need to fill out the school leavers' form, providing personal details, academic qualifications, and preferences for the Technical College.

Q5: How can I contact Hagen Technical College for more information on the application process?

A5: For further information on the application process, admission requirements, or any other inquiries, you can contact Hagen Technical College through the following channels:

- Contact Address: PO BOX 1155 Mt Hagen WHP

- Phone: 542 1133

- Email: hateco@global.net.pg

Feel free to reach out to them via phone or email to seek assistance or clarification regarding your application to Hagen Technical College.

Leave a comment below if you have any questions that we can help you with.