The country had plummeted to 59th place last year from its spot at 30 in 2011.
While the higher scores imply greater risk, the improved ranking is thought to reflect the resources sector's interest in key oil and gas projects, and government legislation allowing the nationalisation of Ok Tedi mine.
Resource sector respondents scored PNG 2.52 for financial risk, 2.78 for sovereign risk, 2.53 for land access and 2.75 for infrastructure.
The figures compare to last year's scores of 2.84 for financial risk, 2.93 for sovereign risk, 2.69 for land access and 2.56 for infrastructure.
By comparison, this year PNG scored 2.25 for green tape, 2.6 for land claims, 2.85 for red tape and 2.56 for social risk.
The civil unrest category fell from 2.36 last year to 2.1, while the country's labour relations ranking was at 2.02.
A slight increase in the natural disasters category saw an increase to 1.5 from 1.4.
RESOURCESTOCKS editor Anthony Barich said: "While its risk profile is still considerable, Prime Minister Peter O'Neill has made positive noises about addressing the country's significant infrastructure challenges to make the most of its resources potential.
"O'Neill has indicated he wants to cut red tape and inefficiencies across all levels of government," he added.
"Meanwhile, juniors like Indochine Mining are thriving there with its Mt Kare gold project.
"While no doubt recent attacks on an Australian trekking group in PNG spooked some watchers, there can be no doubt about the excitement brewing over the country's potential for natural resources, especially with a few oil and gas juniors even tying up tenements hoping to cash in on the interest generated by the influx of majors like Osaka Gas, Exxon Mobil and Mitsubishi along with Australian company Santos."
Overall, the total score and ranking puts PNG just after 29th-ranked Venezuela and ahead of countries including Kenya, The Philippines, the Democratic Republic of Congo, Uganda and Egypt.
The US topped the list for the first time since 2009, with Canada coming second and Mexico taking the third spot.
Full results from the 2013 World Risk Survey and associated commentary are published in the October/November edition of RESOURCESTOCKS.
Aspermont, publisher of PNGIndustryNews.net, also publishes RESOURCESTOCKS.