Middleclass future of PNG economy

Caption: (L) OBG’s Marco Venditti and PNGCC President John Leahy 

By MATTHEW VARI

Sunday, November 15, 2015 (PNG)

THAT was the indication by international economic reporting publisher Oxford Business Group (OBG) and PNG Chamber of Commerce (PNGCC) during the launch of OBG’s 2015 PNG Report during the week.

Editorial Director of the PNG report, Marco Venditti, stated that the group was watching closely at the growing influence the middleclass has in the foreseeable future, whilst PNGCC President John Leahy said China’s huge growing middle class provides an opportunity for the tourism sector.

“We will be here to monitor that because at the end of the day the future of the country belongs to the middleclass,” Venditti said.

“Over the last three years I have seen a growing middle class in Port Moresby and other major centers and this is going to be the engine of growth in Papua New Guinea on the long run.”

“A middle class will demand a number of things- better services, better infrastructure, better opportunities for job creation.”

With the government injection of a greatly increased K50 million for the Tourism Infrastructure Program in the 2016 budget for greater diversification in revenue streams- Mr Leahy’s sentiments recognize the potential the sector could add with the downturn in the Chinese economy and growth in its middleclass (currently the largest in the world) has experienced creates an offshore demand for tourism.

“We have spoken about Papua New Guinea’s middle class growing- so is china’s middle class and they want places to go for tourism,” Leahy said.

“It is a complete different world here compared to what they are living so if they can come and see pristine forests and pristine cultures and pristine waters all those things are valuable so I think we should redouble our efforts to promote PNGs tourism sector as is happening quiet possibly.”

“Best way to protect culture will be for the tourism sector to be developed and for there to be an economic value to be placed on preserving the cultural events and things and not the deep seeded cultural issues.”