Where Wantoks Meet!
Can PNG withstand global economy crisis??
We read from the publications on both daily news papers and other medias that our leaders being positive about the economy growth and the political stability of Papua New Guinea.
They say “PNG is rich enough” “PNG has a bright future” “PNG’s economy is booming” “PNG can withstand global economic crisis” and “PNG has Kina stability”. Where are the proof of all these? Can PNG really withstand global economic crisis? We know we have problems with the economy due to mismanagement and corrupt practices. The leaders want the people of Papua New Guinea to be optimistic though they actually know that they have made the wrong economic decisions while the most powerful economics in the world are facing financial crisis. PNG is no exception and not long we are going to feel the pinch of mismanaging the surplus funds from the government's trust accounts. At the moment, what government needs to do is to invest all the surplus of the money into the economic activity called the 'creation of capital goods' so that PNG can have the capacity to produce its own products and serve its 6 million plus population.
The exports earnings may one day deplete or come to stop or cut down when those countries like America, Japan, China and Australia cut down on their imports of raw materials from PNG.This is because they may face a major financial crisis and are in a critical state to reduce their spending.
When this happens, PNG will have no hope but regret to see that there is no money left in the reserve bank and could not generate enough from the economic activities within the country to budget for the ever increasing demands of the country and the people.
This is the right time for the government and the leaders have to sit down and look for options to sustain its economy before it’s too late.
Mioks Voice!
They say “PNG is rich enough” “PNG has a bright future” “PNG’s economy is booming” “PNG can withstand global economic crisis” and “PNG has Kina stability”. Where are the proof of all these? Can PNG really withstand global economic crisis? We know we have problems with the economy due to mismanagement and corrupt practices. The leaders want the people of Papua New Guinea to be optimistic though they actually know that they have made the wrong economic decisions while the most powerful economics in the world are facing financial crisis. PNG is no exception and not long we are going to feel the pinch of mismanaging the surplus funds from the government's trust accounts. At the moment, what government needs to do is to invest all the surplus of the money into the economic activity called the 'creation of capital goods' so that PNG can have the capacity to produce its own products and serve its 6 million plus population.
The exports earnings may one day deplete or come to stop or cut down when those countries like America, Japan, China and Australia cut down on their imports of raw materials from PNG.This is because they may face a major financial crisis and are in a critical state to reduce their spending.
When this happens, PNG will have no hope but regret to see that there is no money left in the reserve bank and could not generate enough from the economic activities within the country to budget for the ever increasing demands of the country and the people.
This is the right time for the government and the leaders have to sit down and look for options to sustain its economy before it’s too late.
Mioks Voice!
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