Westpac PNG recently hosted Westpac Group Senior Economist Justin Smirk in Papua New Guinea, where he shared insights on global and regional economic trends and their implications for PNG businesses and the broader economy.
During the visit, Smirk engaged with senior business leaders and customers, providing an analytical overview of global economic conditions, inflationary pressures, commodity markets, and growth prospects for Papua New Guinea. His discussions focused on helping businesses better understand the external forces shaping the operating environment and how PNG can position itself for sustainable growth.
Speaking during the 100 CEOs Forum and the Lae Chamber of Commerce and Industry breakfast, Smirk said Papua New Guinea remains well placed to benefit from long-term demand for its natural resources, while ongoing reforms and investment in key sectors will be critical to strengthening economic resilience.
“PNG’s economic outlook continues to be influenced by global developments, particularly commodity prices, inflation, and interest rate movements,” Smirk said. “Understanding these trends is important for businesses as they plan, invest, and manage risk in a changing environment.”
Smirk also highlighted that ongoing geopolitical tensions in the Middle East, including the conflict between Iran and the United States, continue to affect global oil markets and contribute to volatility in fuel prices. As a net importer of refined fuel, Papua New Guinea is particularly exposed to these global price movements, with higher fuel costs flowing through to transport, logistics, electricity generation, and the cost of goods across the economy.
As part of the visit, Smirk also travelled to Lae, where he addressed members of the Lae Chamber of Commerce and Industry and participated in media interviews, including a live discussion on FM100, offering perspectives on economic conditions relevant to regional businesses.
Westpac PNG Chief Executive Andrew Cairns said the visit reinforced the bank’s commitment to supporting informed decision-making across the PNG economy.
“At Westpac PNG, we are committed to connecting our customers and stakeholders with global expertise that helps them navigate economic change,” Cairns said. “Justin’s insights provide valuable context for businesses as they plan for the year ahead.”
Westpac PNG continues to play an active role in supporting economic dialogue, financial literacy, and informed public discussion, helping customers and communities build confidence in an evolving economic environment.
.jpg)
.jpg)
