Guyana economy records 5% growth – PPP
- worry continues over GuySuco
The ruling party yesterday announced close to five percent growth in the economy, despite a “hostile Parliamentary Oppostion”.
The People’s Progressive Party (PPP), in lauding the current administration’s “enormous strides”, said that the growth would have come despite a harsh global environment and a less than supportive domestic environment.
It was also noted as significant that other economies in the region are reeling under the impact of a downturn which resulted from a global economic and financial crisis.
Guyana’s economy is set to record some five percent growth, with rice and gold performance being the high points.
“What is even more laudable is the fact that the economy performed creditably despite a hostile parliamentary opposition which had been doing and continues to do everything possible to frustrate and destabilize the government’s development agenda by virtue of its one seat majority.”
According to the ruling party, one indicator of a country’s economic health is the buoyancy of the banking and business sectors, both of which have shown impressive growth and expansion. “Foreign direct investments in the economy as well as local investment have increased significantly over the past years which are indicative of growing confidence in the economy.”
Another strong indicator of growth would be the fact that a growing number of Guyanese people are now new homeowners, have cars and other consumer items.
And despite the inflation, public servants have benefited from salary increases on an annual basis “which are larger than the rate of inflation resulting in a bigger and bigger basket of goods and services.”
The party pointed out that while Guyana is looking good; sister Caricom nation Barbados has announced plans to lay off 3,000 public servants.
“Our economy is growing, old age pension has increased, subsidies for water and electricity are given to pensioners, free school uniforms for children and increase in public assistance, while at the same time the Opposition is using their one seat majority to cut funding for these programmes.”
It was emphasised that another significant achievement for the country has been a marked increase in the productive capacity of the economy with rice reaching record levels, passing the 500,000 tonnes mark for the year. The mining sector has also performed well overtaking sugar as the largest foreign exchange earner.
excerpts from knews