The Market Conditions Survey showed that company morale is high, with 70% of businesses have continued operations in the fourth quarter of 2020.
Businesses continue to face challenges due to lower consumption and market demand.
According to the Corporate Council of PNG Market Conditions Survey, businesses have seen a steady turnaround between the first and second quarters of 2020, with 70% of businesses working in existing market conditions.
At the end of 2020, the majority of companies experienced a financial loss, with Covid-19 regulations cited as the main factor impacting the industry.
The delay in approving resource ventures, the closing of activities due to COVID-19, the closure of the Porgera Mine, a lack of foreign exchange, and the global and local economies are all contributing to the revenue decrease.
In addition, since September of last year, job rates have remained steady, according to the survey.
Although the travel and hospitality industry has been struck the hardest by the pandemic, there has also been evidence of a significant knowledge deficit on the government stimulus plan, with 75% of businesses claiming they have not gained from it.
Based on the study, restoring consumer interest, fixing foreign exchange problems, paying loans to the private sector, and the government focusing on driving resource ventures are only a few of the recommendations.
