Our economy has once again recorded another year of impressive growth of 5% amidst a harsh external economic and financial environment. This is certainly due to the creation of conditions that are favourable for investments and sound macroeconomic stewardship, because economic growth has been sustained for several years now in difficult and challenging conditions. And, perhaps, our economic growth would have been appreciably higher had it not been for the decline in sugar production in recent years.

However, all other sectors have been showing robust growth in rice, forestry, mining and tourism, among others, and Foreign Direct Investments have also been increasing, despite strenuous efforts by some to block and discourage such investments. With regards to the latter, the latest attempt has been frenetic efforts to stop the Muri/Brasil Permission for Geological and Geographic Survey (PGGS), and of course, earlier, the Amaila Falls hydroproject, the Specialty Hospital and the CJIA expansion and modernisation project.
But despite the best efforts by those who are opposed to development, the reality is that rice production has been record breaking in recent years, with this year’s being over 532,000 tonnes-the highest ever in our history; gold production has seen the highest declaration-over 458,000 ounces and we are seeing increasing numbers of visitors in recent years.
Nevertheless, the “prophets of doom” among us do not see anything positive happening in this country and continue to spread their maddening propaganda.
The International Monetary Fund (IMF) says, despite a deteriorating external environment, including the deepening Euro-zone crisis, Guyana’s economy continues to be resilient. It said last year, the economy recorded another year of impressive growth of more than five per cent driven in part by high commodity prices, foreign direct investment, and domestic credit expansion to the private sector.
“Real Gross Domestic Product (GDP) is projected to grow by about four per cent this year supported by increased activity in bauxite, gold, rice and the services sectors, which should offset any expected fall off in sugar production,” the IMF said. It said that while inflation remained low, an IMF team which has just concluded the yearly review of the Guyana economy, noted a marginal drop in gross foreign reserves to about four months of imports at end-June 2012, as capital imports rose.
The IMF also said that the Donald Ramotar administration has been commended for its continued prudent macroeconomic management. “Going forward, infrastructure projects led by construction of the hydro power plant at Amaila Falls (AFHP) along with private mining investments should sustain growth levels at around five per cent,” the Washington-based financial institution said.
So it is not the PPP or those who are supportive /sympathetic of it presenting a positive picture of our national economy, on the contrary, independent sources are doing this.
Home Affairs Minister and General Secretary of the PPP Clement Rohee puts it succinctly when he said:
“The rising tide of economic growth has, as it were, lifted all boats as reflected in growing prosperity among all strata of the Guyanese society. A growing number of Guyanese people are today the proud owners of their own homes, motor vehicles and other consumer items.
“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.”
Rohee pointed out that Guyana recorded successes, which have been used to consistently improve the lives of all Guyanese people, at a time when other Caribbean countries are facing challenges.
“Our neighbouring Barbados Government will lay off 3,000 public servants,” he said. “But 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.”

extracted from the Guyanachronicle