PNG Vision 2050: A Roadmap for a Prosperous Future - Where to Now?

PNG Vision 2050

Introduction

Papua New Guinea (PNG) Vision 2050 is a long-term development plan that aims to transform the country into a smart, fair, and prosperous nation by the year 2050. The vision was launched in 2009 and has been updated in 2016, with a strategic focus on creating a sustainable economy, society, and environment.

Mission and vision

The mission of PNG Vision 2050 is to create a society that is smart, fair, healthy, wealthy, and happy. It seeks to transform the country by leveraging its rich natural resources and human capital to achieve:

• Sustainable economic growth
• Social development
• Environmental protection
• Strategic visions

PNG Vision 2050 Strategic Visions

PNG Vision 2050 identifies eight strategic visions that the country should focus on to achieve its long-term development goals:

1. Human capital development: To create a highly educated and skilled workforce that is productive, innovative, and globally competitive.

2. Wealth creation: To promote sustainable economic growth by leveraging the country's natural resources, developing industries, and creating job opportunities.

3. Institutional development: To build strong and effective institutions that promote good governance, accountability, and transparency.

4. Infrastructure development: To develop modern and efficient infrastructure that connects the country's regions, promotes economic growth, and enhances the quality of life of its citizens.

5. Environmental sustainability: To protect the country's rich biodiversity and natural resources by promoting sustainable development practices.

6. Security and stability: To ensure peace, security, and stability in the country, promoting social cohesion and a sense of national identity.

7. International participation: To engage actively with the international community and promote Papua New Guinea's interests in the global arena.

8. Spiritual, cultural, and community development: To preserve and promote the country's diverse cultures, traditions, and values, and strengthen the sense of community and national identity.

Urgent actions to meet PNG Vision 2050

To achieve its long-term development goals, PNG needs to take urgent actions in various areas. These actions include:

Strengthening institutions: 

PNG needs to build strong and effective institutions that promote good governance, accountability, and transparency.

Investing in human capital: 

The country needs to invest in education and training to develop a skilled and productive workforce that is globally competitive.

Developing infrastructure: 

PNG needs to invest in modern and efficient infrastructure that connects the country's regions, promotes economic growth, and enhances the quality of life of its citizens.

Promoting environmental sustainability:

PNG needs to adopt sustainable development practices that protect its rich biodiversity and natural resources.

PNG Vision 2050 achievements and the road ahead

PNG has made some progress towards achieving the goals of Vision 2050 in the past decade. 

From 2009 to 2019, the country achieved an average annual economic growth rate of 2.7%, reduced poverty from 39% to 37%, increased the literacy rate from 60% to 63%, and expanded access to basic services such as health and education.

Recently, the ADB economic forecast for PNG shows that the country's GDP is expected to grow by 3.5% in 2022 and 4.9% in 2023 and inflation rates forecasted at 6.5% in 2022 and 5.1% in 2023

Address challenges immediately

Despite ADB's positive forecast for 2023, much more needs to be done before 2029, 2039, and 2049 to achieve the goals of PNG Vision 2050 fully. 

The country needs to address challenges such as 

• corruption, 
• inadequate infrastructure, 
• low human capital, and 
• environmental degradation. 

Papua New Guinea's government must continue to invest in its people and infrastructure, promote good governance, and work towards building a sustainable future for all its citizens.

Medium-Term Development Plan and Actions

The PNG government has recognised the importance of Vision 2050 and has outlined a Second Medium Term Development Plan for 2018-2022 to help achieve its goals. 

The plan prioritises the development of infrastructure, education, healthcare, and the private sector, with a focus on improving the livelihoods of the rural population and promoting inclusive growth.

Moreover, the government has launched various initiatives to support the realization of Vision 2050. For example, the National Development Bank of PNG provides loans to support small and medium-sized enterprises, and the Tuition Fee-Free policy has increased access to education for many children in the country.

Despite these efforts, the country still faces significant challenges. For example, PNG has one of the lowest human development indexes in the world, and poverty remains a significant issue, with over a third of the population living below the poverty line.

PNG Government Urgent Action Prior to 2029, 2039 and 2049

To address these challenges, the PNG government ( prior to 2029, 2039 and 2049) needs to continue 

• investing in infrastructure, education, and healthcare, promoting good governance and accountability, 
• developing sustainable economic models, and 
• addressing issues such as climate change and environmental degradation, which pose significant threats to the country's long-term development goals.

Conclusion -  PNG Vision 2050

PNG Vision 2050 provides a roadmap for PNG to achieve sustainable economic growth, social development, and environmental protection. While the country has made progress towards its long-term goals, much more needs to be done to ensure that Vision 2050 is fully realized. 

Above all, the PNG government must continue investing in human capital and infrastructure, promoting good governance and accountability, and developing sustainable economic models to build a better future for all its citizens.

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.