In a stark assessment of Papua New Guinea's economic landscape, Anthony Smare, Chairman of Paradise Foods Company Limited, has declared the current conditions as the most dire in the last 20 years. Speaking on behalf of the company, Smare emphasized the challenges faced by the food manufacturing sector, echoing sentiments expressed by Ian Chow, Chairman of Lae Biscuits, in the previous week. "Biscuits serve as a crucial indicator of grassroots and working-class disposable income," Smare stated. "The evident decline in biscuit sales since late last year reflects the financial strain experienced by the populace.". Reports from major retailers in Port Moresby and Lae corroborate the downturn, with Easter sales markedly lower compared to the previous year. Additionally, Smare highlighted a concerning rise in law and order issues, particularly theft targeting trucks transporting food along major highways. Attributing the economic woes to various factors, including the recent civil unrest, delays in major projects like Papua LNG, and the absence of announcements regarding agreements for projects like Wafi-Golpu, Smare painted a bleak outlook for the foreseeable future. Echoing Smare's sentiments, Ian Chow emphasized the challenges faced by manufacturers, citing unreliable power supply and exorbitant operational costs. Chow's concerns spanned a gamut of issues including currency depreciation, lack of government support, logistical hurdles, and labor-related problems. "The entire PNG manufacturing industry is suffering due to government inaction and neglect," Chow remarked. As the economic crisis deepens, both Smare and Chow urged for concerted efforts to mitigate the challenges and foster a conducive environment for businesses to thrive. However, with no immediate relief in sight, the prospect of a prolonged economic downturn looms large over Papua New Guinea. read more PNG Economy News >> PNG Economy News Also read Comments are closed.
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