'Marape to blame for economic failure'

AITAPE-Lumi MP Patrick Pruaitch has painted a gloomy economic outlook for the country, accusing Prime Minister James Marape of doing little to boost economic recovery.
'Marape to blame for economic failure' 'Marape to blame for economic failure' 'Marape to blame for economic failure' 'Marape to blame for economic failure' 'Marape to blame for economic failure'

Patrick Pruaitch

Staff Reporter

"This nation has witnessed further economic deterioration (after Marape took over from Peter O'Neill as Prime Minister last May)," Pruaitch told The National newspaper.
"Job losses have accelerated and the two most important sectors, resources and agriculture, are facing their worst outlook in over a decade.
"Worsening unemployment, translating to poverty for many families, can be categorised as a national economic crisis.
"Job losses and last year's dramatic 20% plunge in agriculture exports which affected the livelihoods of hundreds of thousands of smallholder farmers, presents a picture of an economic disaster of vast proportions.
"Even though there are many doubters, especially among prolific social media participants, few have recognised that, in addition to rising unemployment, the nation's agricultural output is struggling at multi-year lows. Struggling farmers saw export earnings slashed by K467.3 million in 2019.
"Total revenue of K2140.1 million last year represented the lowest export figure since 2015 when K1827.1 million was exported.
"PNG's agriculture sector is in crisis and millions of people are worse off than they were a year ago."
"This has happened because of a mistaken notion that a gold mine like Porgera, which was responsible for 2% of gross domestic product can be shutdown and other resource projects stalled indefinitely without impacting investor confidence and other sectors of the economy," Pruaitch said.



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