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Private Sector calls on govt to “inspire” investors

confidence

 
Minister of Business, Dominic Gaskin addressing the Private Sector Commission's Annual General Meeting.

Minister of Business, Dominic Gaskin addressing the Private Sector Commission’s Annual General Meeting.

The Private Sector Commission on Thursday called on government to take several steps to pull Guyana out of economic doldrums.

Addressing the Annual General Meeting (AGM) held at the Marriott Hotel, Battery Road, Kingston, the Chairman of the PSC’s Finance and Economic sub-committee, Ramesh Persaud called on government to send clear signals to investors. “We want the government to share their economic vision and economic plan. Very little is known at this stage except in the budget speeches so we hope tat we can hear nore about that so that we can inspire confidence in investors,” he said.

Persaud could not say specifically how employment could be created, but said there was need for at least 25,000 jobs. Other suggestions include the need for companies

Chairman of the PSC’s Finance and Economic sub-committee, Ramesh Persaud

Chairman of the PSC’s Finance and Economic sub-committee, Ramesh Persaud

to improve their competitiveness, focus on export-led growth to lower the trade deficit, improve standards, increase productivity and capture niche markets.  “We need to innovate more, spend more and research better,” he said.

Using data from the Bank of Guyana and other official sources,  Persaud said the growth rate has been slowing down to a projected 3 percent for 2016 and aggregate expenditures declined by about US$200 million last year.

Persaud also called for more engagements between government and the business community to understand each other better and share ideas. “Not much engagement is taking place, at least with the Private Sector Commission. Much more needs to be taking place to inspire confidence,” he said.

psc_gdpIn his address to the PSC’s AGM,  the Minister of Business said there was need for a proper avenue for the government and the private sector to engage each other. “I believe that there is a valuable partnership that can be forged between the public and private sector and right now what is needed is a structure that provides an effective mechanism for a continued public-private dialogue aimed at building a stronger and more attractive economy that can support the development of diverse industries and reduce our reliance on primary exports,”  he said.

The PSC official further urged government to spend more of the monies allocated to the Public Sector Investment Programme (PSIP), against the backdrop that GYD$20 million on PSIP projects were not spent last year. At the same time, he cited the need for contractors to complete their works on time and at the desired quality.

Persaud appealed to Minister of Business, Dominic Gaskin to do more to improve Guyana’s conditions to do business and improve the efficiency and effectiveness of public services. Also touched on was the need to “rethink” the outdated regulations and their enforcement because they have been affecting businesses.psc_impexp

Gaskin conceded that the economy has slowed down but said the sluggishness did not begin when the APNU+AFC coalition assumed office on May 11, 2015.  Attributing Guyana’s average 4 percent economic growth in recent years to mainly good rice and gold prices as well as “stained money,” he said government had no control over global demand and commodity prices.  Gaskin said the most government could do is work with the private sector to create a better business environment. “The effort has to be a joint effort and our Government is committed to partnering with the private sector to bring about these improvements. I have no reason to believe that there is any reluctance on the part of the private sector to work with our government towards the achievement of common goals and objectives,” he said.

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"Gaskin conceded that the economy has slowed down but said the sluggishness did not begin when the APNU+AFC coalition assumed office on May 11, 2015. "

GDP growth was 0.7% in the first half of 2015. This is what the new government inherited, a slowing economy. Yet, it rebounded to close the entire year (2015) at 3% growth.

https://www.bankofguyana.org.g...rts/HalfYear2015.pdf

Real GDP growth reduced to 0.7 percent in the first half of 2015 compared with the revised 4.8 percent growth for the same period in 2014. This performance was as a result of a decrease in output of gold and bauxite as well as a contraction in construction activities. The agriculture sub-sectors of rice, sugar and livestock as well as the services sector recorded positive growth. Consumer prices measured by the Urban Consumer Price Index declined by 1.8 percent as a result of subdued food and fuel prices.

Mars
Last edited by Mars
Mars posted:

"Gaskin conceded that the economy has slowed down but said the sluggishness did not begin when the APNU+AFC coalition assumed office on May 11, 2015. "

GDP growth was 0.7% in the first half of 2015. This is what the new government inherited, a slowing economy. Yet, it rebounded to close the entire year (2015) at 3% growth.

https://www.bankofguyana.org.g...rts/HalfYear2015.pdf

Real GDP growth reduced to 0.7 percent in the first half of 2015 compared with the revised 4.8 percent growth for the same period in 2014. This performance was as a result of a decrease in output of gold and bauxite as well as a contraction in construction activities. The agriculture sub-sectors of rice, sugar and livestock as well as the services sector recorded positive growth. Consumer prices measured by the Urban Consumer Price Index declined by 1.8 percent as a result of subdued food and fuel prices.

What y'all smoking?  Don't inhale.

Bibi Haniffa
Bibi Haniffa posted:
Mars posted:

"Gaskin conceded that the economy has slowed down but said the sluggishness did not begin when the APNU+AFC coalition assumed office on May 11, 2015. "

GDP growth was 0.7% in the first half of 2015. This is what the new government inherited, a slowing economy. Yet, it rebounded to close the entire year (2015) at 3% growth.

https://www.bankofguyana.org.g...rts/HalfYear2015.pdf

Real GDP growth reduced to 0.7 percent in the first half of 2015 compared with the revised 4.8 percent growth for the same period in 2014. This performance was as a result of a decrease in output of gold and bauxite as well as a contraction in construction activities. The agriculture sub-sectors of rice, sugar and livestock as well as the services sector recorded positive growth. Consumer prices measured by the Urban Consumer Price Index declined by 1.8 percent as a result of subdued food and fuel prices.

What y'all smoking?  Don't inhale.

This is the Bank of Guyana report for the first half of 2015.

Mars
Mars posted:

"Gaskin conceded that the economy has slowed down but said the sluggishness did not begin when the APNU+AFC coalition assumed office on May 11, 2015. "

GDP growth was 0.7% in the first half of 2015. This is what the new government inherited, a slowing economy. Yet, it rebounded to close the entire year (2015) at 3% growth.

https://www.bankofguyana.org.g...rts/HalfYear2015.pdf

Real GDP growth reduced to 0.7 percent in the first half of 2015 compared with the revised 4.8 percent growth for the same period in 2014. This performance was as a result of a decrease in output of gold and bauxite as well as a contraction in construction activities. The agriculture sub-sectors of rice, sugar and livestock as well as the services sector recorded positive growth. Consumer prices measured by the Urban Consumer Price Index declined by 1.8 percent as a result of subdued food and fuel prices.

Gaskin are Jordan, two peas in the same PNC pod, saying the opposite of each other. LIES!!!!!!!!!!!!!!!!!!!!!!!!1

alena06

The article says that

Gaskin conceded that the economy has slowed down

But I read the article and there is no such concession by Gaskin. Why do these PPP apologists keep printing lies?

Mr.T
alena06 posted:
Mars posted:

"Gaskin conceded that the economy has slowed down but said the sluggishness did not begin when the APNU+AFC coalition assumed office on May 11, 2015. "

GDP growth was 0.7% in the first half of 2015. This is what the new government inherited, a slowing economy. Yet, it rebounded to close the entire year (2015) at 3% growth.

https://www.bankofguyana.org.g...rts/HalfYear2015.pdf

Real GDP growth reduced to 0.7 percent in the first half of 2015 compared with the revised 4.8 percent growth for the same period in 2014. This performance was as a result of a decrease in output of gold and bauxite as well as a contraction in construction activities. The agriculture sub-sectors of rice, sugar and livestock as well as the services sector recorded positive growth. Consumer prices measured by the Urban Consumer Price Index declined by 1.8 percent as a result of subdued food and fuel prices.

Gaskin are Jordan, two peas in the same PNC pod, saying the opposite of each other. LIES!!!!!!!!!!!!!!!!!!!!!!!!1

It's not our fault if you do not properly understand how the economy works and what is being said. You truncated what Gaskin said and failed to report the entire context of his statement in your rush to twist the truth. 

Besides that, you bring a week old article which has already been posted and dissected.

Mars
Last edited by Mars
Mars posted:

"Gaskin conceded that the economy has slowed down but said the sluggishness did not begin when the APNU+AFC coalition assumed office on May 11, 2015. "

GDP growth was 0.7% in the first half of 2015. This is what the new government inherited, a slowing economy. Yet, it rebounded to close the entire year (2015) at 3% growth.

https://www.bankofguyana.org.g...rts/HalfYear2015.pdf

Real GDP growth reduced to 0.7 percent in the first half of 2015 compared with the revised 4.8 percent growth for the same period in 2014. This performance was as a result of a decrease in output of gold and bauxite as well as a contraction in construction activities. The agriculture sub-sectors of rice, sugar and livestock as well as the services sector recorded positive growth. Consumer prices measured by the Urban Consumer Price Index declined by 1.8 percent as a result of subdued food and fuel prices.

This is in contradiction to what Jordan recently said

V
VishMahabir posted:
Mars posted:

"Gaskin conceded that the economy has slowed down but said the sluggishness did not begin when the APNU+AFC coalition assumed office on May 11, 2015. "

GDP growth was 0.7% in the first half of 2015. This is what the new government inherited, a slowing economy. Yet, it rebounded to close the entire year (2015) at 3% growth.

https://www.bankofguyana.org.g...rts/HalfYear2015.pdf

Real GDP growth reduced to 0.7 percent in the first half of 2015 compared with the revised 4.8 percent growth for the same period in 2014. This performance was as a result of a decrease in output of gold and bauxite as well as a contraction in construction activities. The agriculture sub-sectors of rice, sugar and livestock as well as the services sector recorded positive growth. Consumer prices measured by the Urban Consumer Price Index declined by 1.8 percent as a result of subdued food and fuel prices.

This is in contradiction to what Jordan recently said

Tell us how.

These numbers are for the first half of 2015 as reported by the Bank of Guyana.

Mars

Why is the P.S. telling the gov't. what to do to get the economy moving?  

Maybe gov't. is  doing nothing or just don't know what to do. 

The last three years of the PPP/C gov't. was severely hindered by a parliament controlled by the opposition which blocked major projects and spending in some critical areas of the economy.  The economy slowed down but did not record negative economic growth.  Now the opposition finds themselves in the government with the requisite number of parliamentary votes to pass a budget but we are yet to see progress. There is something seriously wrong with their economic program if they really have one, or they are just resume the old PNC-style of governance .

Billy Ram Balgobin
Billy Ram Balgobin posted:

Why is the P.S. telling the gov't. what to do to get the economy moving?  

Maybe gov't. is  doing nothing or just don't know what to do. 

The last three years of the PPP/C gov't. was severely hindered by a parliament controlled by the opposition which blocked major projects and spending in some critical areas of the economy.  The economy slowed down but did not record negative economic growth.  Now the opposition finds themselves in the government with the requisite number of parliamentary votes to pass a budget but we are yet to see progress. There is something seriously wrong with their economic program if they really have one, or they are just resume the old PNC-style of governance .

The PPP dissolved parliament. So how could the opposition have been blocking the sale of cocaine, illegal gold exports, and illegal activities by BSL?

Mr.T
Bibi Haniffa posted:
Mars posted:

"Gaskin conceded that the economy has slowed down but said the sluggishness did not begin when the APNU+AFC coalition assumed office on May 11, 2015. "

GDP growth was 0.7% in the first half of 2015. This is what the new government inherited, a slowing economy. Yet, it rebounded to close the entire year (2015) at 3% growth.

https://www.bankofguyana.org.g...rts/HalfYear2015.pdf

Real GDP growth reduced to 0.7 percent in the first half of 2015 compared with the revised 4.8 percent growth for the same period in 2014. This performance was as a result of a decrease in output of gold and bauxite as well as a contraction in construction activities. The agriculture sub-sectors of rice, sugar and livestock as well as the services sector recorded positive growth. Consumer prices measured by the Urban Consumer Price Index declined by 1.8 percent as a result of subdued food and fuel prices.

What y'all smoking?  Don't inhale.

You see this is the Bibi hormonal hysteria. Such data are verified by the IMF, when they do their analysis.  In addition, at no time in Guyana's history has the BofGY been less than professional.

Now you can scream and cry about one rice shipment to Belize that went sour. But people who actually live in Guyana have to earn a living, and so cannot be consumed in doom and gloom.

Now I suggest you read what the PSC expects from gov't.  These are basic demands that any private sector body needs to communicate to the gov't.

They are right. We have yet to see an economic vision statement, or specific strategies to move the economy from beyond where a whole sector was dependent on what moon was shining in MadBURRO's brain when he unfolded his wings at night, as he flew out of his cave.   That and stealing being the Jagdeoite development plan.

FM
Mr.T posted:
Billy Ram Balgobin posted:

Why is the P.S. telling the gov't. what to do to get the economy moving?  

Maybe gov't. is  doing nothing or just don't know what to do. 

The last three years of the PPP/C gov't. was severely hindered by a parliament controlled by the opposition which blocked major projects and spending in some critical areas of the economy.  The economy slowed down but did not record negative economic growth.  Now the opposition finds themselves in the government with the requisite number of parliamentary votes to pass a budget but we are yet to see progress. There is something seriously wrong with their economic program if they really have one, or they are just resume the old PNC-style of governance .

The PPP dissolved parliament. So how could the opposition have been blocking the sale of cocaine, illegal gold exports, and illegal activities by BSL?

You are one of Jackasses who defend this gov't. with some of the most idiotic arguments one can imagine. Major projects like the Specialty Hospital and the Amelia Falls Hydro were blocked denying Guyana ofinexpensive energy and a better health care system. Tourism is major earner for practically every country on this planet, including the U.S. yet the idiots like you were bitterly opposed to building hotels of international standards. Today you see no problem Granger talking about National Service, a failed PNC venture in developing agriculture in the interior.

Billy Ram Balgobin
Billy Ram Balgobin posted:

Why is the P.S. telling the gov't. what to do to get the economy moving?  

Maybe gov't. is  doing nothing or just don't know what to do. 

The last three years of the PPP/C gov't. was severely hindered by a parliament controlled by the opposition which blocked major projects and spending in some critical areas of the economy.  

Amaila was going to be a fiasco, which would have destroyed Guyana.  the PPP couldn't even manage the building of the road, and you think that they could have been entrusted with the managing of a multi billion (US) project?

The airport was way more than what Guyana needs.  Do you know that more planes FLY OVER Guyana, than actually land there? So why that elaborate terminal building, when there is no reason to land in Guyana.  Sao Paulo (origin/destination of these planes, with Lima also) being a major world class hub.

Skeldon.   Need not say more.

Marriott.  These private investors that Jagdeo screamed existed never showed up.

Berbice Bridge. Even the PPPsupporters were angry with this, and a deal, giving Jagdeo's oligarchs profits, and landing the NIS with the risk was really, really bad.

What economic projects did they do that were good?  Even rice, the one area that they could take credit for they messed up. This becoming evident when rice farmers had to protest against the PPP, and then were stripped naked by Ramotar.

FM
Last edited by Former Member
Billy Ram Balgobin posted:
. Tourism is major earner for practically every country on this planet, including the U.S. yet the idiots like you were bitterly opposed to building hotels of international standards..

Obviously private investors never shared your optimism over Marriott as none showed up.  Not even Jagdeo and his cronies.

G/T is not, and will never be a destination city for tourists. The few heritage sites that it has are being destroyed by the oligarchs to build energy wasting monstrosities. Why would a tourist visit G/T, even now that it is clean?

Marriott was unnecessary when there isn't even reliable transportation to the sights which tourists might wish to see. G/T is good for 2-3 days for a tourist, and few of those who visit Guyana have any interest in an elaborate and expensive facility.  They would rather spending their $$ traveling around Guyana, yet the PPP did NOTHING to develop tourist product.

Marriott is only for "never see come see" people like you to boast "me rich, me gat nuff dollars".

FM
Billy Ram Balgobin posted:
Mr.T posted:
Billy Ram Balgobin posted:

Why is the P.S. telling the gov't. what to do to get the economy moving?  

Maybe gov't. is  doing nothing or just don't know what to do. 

The last three years of the PPP/C gov't. was severely hindered by a parliament controlled by the opposition which blocked major projects and spending in some critical areas of the economy.  The economy slowed down but did not record negative economic growth.  Now the opposition finds themselves in the government with the requisite number of parliamentary votes to pass a budget but we are yet to see progress. There is something seriously wrong with their economic program if they really have one, or they are just resume the old PNC-style of governance .

The PPP dissolved parliament. So how could the opposition have been blocking the sale of cocaine, illegal gold exports, and illegal activities by BSL?

You are one of Jackasses who defend this gov't. with some of the most idiotic arguments one can imagine. Major projects like the Specialty Hospital and the Amelia Falls Hydro were blocked denying Guyana ofinexpensive energy and a better health care system. Tourism is major earner for practically every country on this planet, including the U.S. yet the idiots like you were bitterly opposed to building hotels of international standards. Today you see no problem Granger talking about National Service, a failed PNC venture in developing agriculture in the interior.

The Speciality Hospital was blocked because the Surendra contractors were a bunch of crooks who ran off with the government's money. The opposition saved taxpayers' money from ripped off in this case. Amaila Falls inexpensive? Stop with the jokes as my belly is about to burst. Amaila Falls started out with estimates of US $450 million to build. By the time the PPP was ready to foist this goadie on the backs of the Guyanese taxpayers, it was slated to cost US $ 1 Billion with a capital B. Which country in their right mind would pay US $ 1 Billion for a 165 MW Hydropower plant?

Mars
Bibi Haniffa posted:

Is that why all the PNC brothers staying at the Marriott for Jubilee celebrations???????  Never see come see!!!

Only because everywhere else booked up.

I just saw some pictures from the European Food Festival and from some other events. People in Guyana don't really give a shit about the call for Indians to boycott the Independence Celebrations. I see Indians galore at every event, especially young people. 

Mars

And of course you think that building a hotel to host people for a event that will last no more than one week, and that will NOT be repeated in the near future, is a good use of funds?

And yes, some of them are "never see come see".  Was that the thinking behind wasting tax payer dollars to host PNC folks? 

FM

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