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FM
Former Member

Guyana experience is a lesson for Caribbean countries, says CDB president

 

Published on July 2, 2013, Source

 

GEORGETOWN, Guyana (GINA) -- There are some interesting lessons for the rest of the Caribbean region to learn from the road Guyana has travelled, having moved from a deep abyss to a position of enjoying seven years of uninterrupted growth up to 2012 at a rate of 4.5 percent per annum.

william_warren_smith.jpg
President of the Caribbean Development Bank Dr William Warren Smith

This is the view of Dr William Warren Smith, president of the Caribbean Development Bank (CDB), who noted that Guyana’s growth did not start seven years ago, but that those who have been around for a while would be familiar with the challenges that the country had been experiencing over too long a period of time.

“Those of us who are from the region have always known about, talked about and hoped for the blossoming of the Guyana potential,” Smith said during a recent interview.

Remarkable and Commendable

“Even though Guyana was coming from a very deep abyss, in many respects what has been interesting about Guyana’s experience for me is that once Guyana took the decision to start to address its economic and social issues there has been a very remarkable and commendable consistency of policy from one regime to another and it has been maintained up to this point,” Smith emphasised.

There is no question in his mind that that has been a direct underpinning of the successes today, and in spite of all of the pressures, Guyana has been able to maintain that constancy of policy especially in the economic arena.

“What we have seen is a willingness to make very tough decisions and live with them in spite of the fall-out – political or otherwise,” the CDB president indicated.

He stated that the fact that Guyana was able to survive that difficult period has a lot to do with good economic policy, and that approach was reflected in the management of the financial sector; however going forward, Guyana’s financial sector is one that would have to show much more rapid development and greater deepening in order to underpin the dynamism of the economy that is now emerging.

“Foreign Direct Investment (FDI) is part of the good story… it has helped to drive development… that FDIs perhaps would not have been attracted to coming here if that economic stability and foundation had not been created over a very long period of time with a lot of pain so that the two things are related and they create an environment within which much greater things can be done on the economic and social front,” Smith said.

When it comes to advising the government of Guyana, the CDB president highlighted that the Bank is of the view that Guyana needs to put a lot of emphasis on good governance, social development, creating stronger institutions to strengthen the good things that are happening here.

“That is a work in progress… I think that the government themselves they acknowledge the work that needs to be done in strengthening those areas and some good things are beginning to happen,” he said.

What the Bank is trying to do is use its resources and the experiences to help the Guyana government and other member countries to address these problems because sometimes they would recognise the need but the resources aren’t there to carry it out.

Caribbean situation

With regards to the financial situation being experienced by the Caribbean, Smith stated that it is one of the most difficult periods that he has experienced.

“The Caribbean is experiencing the international economic crisis in somewhat of a differentiated way; every simply put what we’re seeing on the global scene where you have sort of a two speed development taking place, where you have some countries developing rapidly and others are recovering slowly, the same phenomenon is playing out in the Caribbean,” he pointed out.

Meanwhile Guyana, Suriname and Belize are experiencing very rapid economic growth, with very high foreign direct investment inflows and are generally on a very good trajectory as far as the development of their economies are concerned.

“Those of our economies that are more dependent on services, especially tourism and financial services are having a very difficult time. These countries tend to be much more integrated into those economies that are experiencing either very low growth or recessionary conditions – I am speaking about North America and the European countries,” Smith indicated.

He added that the tourism and service dependent economies are either going through negative economic growth or very marginal growth, whereas the commodity-based economies like Guyana, Belize and Suriname are growing rapidly.

Advice for member states

The CDB does not only finance projects, it does much more than that.

“We like to think that the advice that we provide to our countries is as much a part of our mandate as the financing role and we do have very frank and open dialogue with our countries about economic strategy, we also talk to them very frankly about the issues they need to address in order to be more diversified, to become more attractive to international investment,” the CDB president emphasised.

He posited that the unfortunate reality is that the very small economies will always have fewer options than the larger ones and many of them do not have natural resources like Guyana so that limits them in a particular area.

“Having said that, historically, those smaller countries have done relatively well working with few options, but becoming very good at what they do and developing a very big international reputation,” he added.

The CDB president said, “The more diversified your economy the more resilient you will be, you will be less vulnerable to the impact of economic shocks from the outside and also to natural disaster shocks… Guyana is well placed to not only be a power house in natural resources, but also to develop the creativity of its people in culture, in the intellectual services and education… Guyana has the potential to be a very diversified and dynamic economy not just built around its natural resource endowment… so we would certainly encourage the development of those sectors that have no relationship to your resource endowment.”

Replies sorted oldest to newest

Guyana still lags behind the rest of CARICOM.  In addition if one removes gold from the GDP numbers Guyana's economy is not doing that great.

 

You will note that the three countries mentioned, Guyana, Suriname and Belize are all commodity producers.  Interestingly enough, despite their recent economic growth, they all lag behind much smaller and resource poor islands in CARICOM.

 

So what does Guyana have to teach Barbados, an island which is much wealthier, despite having virtually no gold? 

FM
Originally Posted by caribny:

 

......So what does Guyana have to teach Barbados, an island which is much wealthier, despite having virtually no gold?........ 

Are you kidding me? They can teach them Bajans how to thief...

sachin_05
Originally Posted by caribny:

Guyana still lags behind the rest of CARICOM.  In addition if one removes gold from the GDP numbers Guyana's economy is not doing that great.

 

You will note that the three countries mentioned, Guyana, Suriname and Belize are all commodity producers.  Interestingly enough, despite their recent economic growth, they all lag behind much smaller and resource poor islands in CARICOM.

 

So what does Guyana have to teach Barbados, an island which is much wealthier, despite having virtually no gold? 

Hahahah, you always try to diminish any good that is said about Guyana. What if Barbados had no beach, they would be eating rock. ahahahaha

FM
Originally Posted by BGurd_See:
Originally Posted by caribny:

Guyana still lags behind the rest of CARICOM.  In addition if one removes gold from the GDP numbers Guyana's economy is not doing that great.

 

You will note that the three countries mentioned, Guyana, Suriname and Belize are all commodity producers.  Interestingly enough, despite their recent economic growth, they all lag behind much smaller and resource poor islands in CARICOM.

 

What if Barbados had no beach, they would be eating rock. ahahahaha

I will suggest to you that its much harder to get Englishmen to decide on which of 50 different tropical countries with beaches to vacation to chose Barbados, than it is to sell gold which has guaranteed buyers.

 

 

Bajans can spend all day cleaning their white sand beaches.  That guarantees NOTHING as Haiti's empty white sand beaches should teach you.  Having a white sand but poor delivery of services and a rotten over all viistor experience, or inadequate marketing, guarantees empty beaches.

 

Once gold has been found its sale is guaranteed.  Really the only person who did any work was the pork knocker, who I am sure nets relatively little of the final price.

 

So in 2013 a country with gold and no beach is clearly luckier than a country with beach and no gold.  After all gold is crucial to international commerce.  Lounging on a white sand beach is discretionary.

 

 

Yet Guyana remains much poorer than Bdos as evidenced by the thousands of Guyanese living there, and the many others who try to illegally stay there vs the scant numbers of Bajans who want to live in Guyana.

FM
Last edited by Former Member
Originally Posted by BGurd_See:
 

"Hahahah, you always try to diminish any good that is said about Guyana. What if Barbados had no beach, they would be eating rock. ahahahaha"

 

 

Yeh an What if you did go cut yo Goads,you would fall over due to a really BIG head.

cain
Originally Posted by caribny:
Originally Posted by BGurd_See:
Originally Posted by caribny:

Guyana still lags behind the rest of CARICOM.  In addition if one removes gold from the GDP numbers Guyana's economy is not doing that great.

 

You will note that the three countries mentioned, Guyana, Suriname and Belize are all commodity producers.  Interestingly enough, despite their recent economic growth, they all lag behind much smaller and resource poor islands in CARICOM.

 

What if Barbados had no beach, they would be eating rock. ahahahaha

I will suggest to you that its much harder to get Englishmen to decide on which of 50 different tropical countries with beaches to vacation to chose Barbados, than it is to sell gold which has guaranteed buyers.

 

 

Bajans can spend all day cleaning their white sand beaches.  That guarantees NOTHING as Haiti's empty white sand beaches should teach you.  Having a white sand but poor delivery of services and a rotten over all viistor experience, or inadequate marketing, guarantees empty beaches.

 

Once gold has been found its sale is guaranteed.  Really the only person who did any work was the pork knocker, who I am sure nets relatively little of the final price.

 

So in 2013 a country with gold and no beach is clearly luckier than a country with beach and no gold.  After all gold is crucial to international commerce.  Lounging on a white sand beach is discretionary.

 

 

Yet Guyana remains much poorer than Bdos as evidenced by the thousands of Guyanese living there, and the many others who try to illegally stay there vs the scant numbers of Bajans who want to live in Guyana.

bajan want to live in guyana 

FM
Originally Posted by caribny:
 

I will suggest to you that its much harder to get Englishmen to decide on which of 50 different tropical countries with beaches to vacation to chose Barbados, than it is to sell gold which has guaranteed buyers.

 

 

Bajans can spend all day cleaning their white sand beaches.  That guarantees NOTHING as Haiti's empty white sand beaches should teach you.  Having a white sand but poor delivery of services and a rotten over all viistor experience, or inadequate marketing, guarantees empty beaches.

 

Once gold has been found its sale is guaranteed.  Really the only person who did any work was the pork knocker, who I am sure nets relatively little of the final price.

 

So in 2013 a country with gold and no beach is clearly luckier than a country with beach and no gold.  After all gold is crucial to international commerce.  Lounging on a white sand beach is discretionary.

 

 

Yet Guyana remains much poorer than Bdos as evidenced by the thousands of Guyanese living there, and the many others who try to illegally stay there vs the scant numbers of Bajans who want to live in Guyana.

Don't compare Barbados to Guyana. It's tourist economy is the most mature in the Caribbean, developed by whites and other nationals. The Black Bajans merely sit back and enjoy the benefits of the decisions made by their massas. We can give them credit for not rioting and looting like their brothers in Haiti, however that is due to the small population in Barbados compared to Haiti ( Bdos .25M, Haiti 10M). 

The Bajan tourist industry has its own firmly established repeat customers but will struggle in the future as other Islands steal away their customers. Meanwhile Guyana has diverse possibilities. In the next 10 years if the PNC don't get into power, look to Guyana to narrow the gap between Barbados. 

FM
Originally Posted by BGurd_See:
 

Don't compare Barbados to Guyana. It's tourist economy is the most mature in the Caribbean, developed by whites and other nationals. The Black Bajans merely sit back and enjoy the benefits of the decisions made by their massas. We can give them credit for not rioting and looting like their brothers in Haiti, however that is due to the small population in Barbados compared to Haiti ( Bdos .25M, Haiti 10M). 

The Bajan tourist industry has its own firmly established repeat customers but will struggle in the future as other Islands steal away their customers. Meanwhile Guyana has diverse possibilities. In the next 10 years if the PNC don't get into power, look to Guyana to narrow the gap between Barbados. 

 

 

If one mines gold in Guyana there are guaranteed buyers.  Barbados has no guaranteed buyers for its tourist product.  If its offerings are shoddy and over priced people will quickly switch to other locations.  The fact that it gets repeat business is becasue many visitors, especially those from the UK, happen to like that island.


Does not matter whether the whites were the ones who invested in tourism.  The experince that tourists have of Barbados are determined by its 95% BLACK population.

 

The visitors see Barbados as a country where physical infrastructure (roads, water, electricity) WORK.  So they do not have to experience that third world experience as they will in Guyana with inconvenient power cuts and unprofessional service delivery, or low pressure water rendering a proper bath to be a challenge.

 

They see Barbados as a country no more corrupt than a Western European or North American country is.  So they do not have to fear corrupt govt officials, or excessive bureaucracy.

 

They see Barbados offering a superior vacation based on high service quality (by Caribbean standards) and a relatively safe environment, where they do not have to be equally afraid of the police as they might be of the criminals.

 

Also Barbados only maintains its profile in international tourism through ongoing marketing.  Note that the UK tourist not only has Barbados as an alternate but also Jamaica, Antigua, St Lucia, Dom rep, Cuba, Cancun.  Also  Mauritius and other islands in the Indian Ocean, which are only an hour or two further.  Barbados is not entitled to anything and must fight to get and maintain its share of the tourist dollar.

 

 

By the way Barbados enjoys a level of tertiary education only slightly below the USA with 30% of Bajans having had post secondary school education, vs about 40% of Americans.   Clearly a large cadre of well educated people accounts for Barbados' progress.

 

Bottom line is its the BLACK Bajans who run the govt, account for the bulk of the professionals on that island, much of the management level personnel, and who dominate the services which tourists use that contribute to the fact that Barbados enjoys a decent level of repeat business.   The tourist almost never interacts with the white owners of these facilities.

 

Because of your fundamental hatred of blacks you will never give the majority black Bajan any credit for the fact that undr majority black rule Barbados has been transformed from being an impoverished sugar plantation island so poor that Bajans fled to the "paradise" called Demerara, to a country generally considered to be a moderately developed country equivalent to a southern or Eastern European country.  Babados offering ahigher standard of living to its peoples than any other country in the Americas aside from the USA, Canada and Bermuda.

FM

Your notion that population size makes  adifference is laughable.  Your logic will suggest that the USA, with 310 million people, will be one of the poorest in the Americas.

 

Clearly factors other than population size makes a difference.

 

Guyana has one of the smallest populations in the Americas, but yet is better off only than Haiti, Bolivia, Nicaragua and Paraguay.

FM

“Even though Guyana was coming from a very deep abyss, in many respects what has been interesting about Guyana’s experience for me is that once Guyana took the decision to start to address its economic and social issues there has been a very remarkable and commendable consistency of policy from one regime to another and it has been maintained up to this point,” Smith emphasised.

FM
Originally Posted by Conscience:

“Even though Guyana was coming from a very deep abyss, in many respects what has been interesting about Guyana’s experience for me is that once Guyana took the decision to start to address its economic and social issues there has been a very remarkable and commendable consistency of policy from one regime to another and it has been maintained up to this point,” Smith emphasised.

cocain country smith forget to emphasised

FM

"warrior" stop fighting the truth, Guyana is experiencing strong economic prosperity, the PPP/C administration will control to implement policies and programs, that will continue to improve the socio-economic standards of all the citizens of the country...

FM
Originally Posted by Conscience:

"warrior" stop fighting the truth, Guyana is experiencing strong economic prosperity, the PPP/C administration will control to implement policies and programs, that will continue to improve the socio-economic standards of all the citizens of the country...

i belive you guyana will be the country with the most expensive toilet at the airport in fact people will travell far to see those toilets

FM

There are some interesting lessons for the rest of the Caribbean region to learn from the road Guyana has travelled, having moved from a deep abyss to a position of enjoying seven years of uninterrupted growth up to 2012 at a rate of 4.5 percent per annum.

 
 

This is the view of Dr William Warren Smith, president of the Caribbean Development Bank (CDB), who noted that Guyana’s growth did not start seven years ago, but that those who have been around for a while would be familiar with the challenges that the country had been experiencing over too long a period of time.

“Those of us who are from the region have always known about, talked about and hoped for the blossoming of the Guyana potential,”

FM
Originally Posted by Conscience:

There are some interesting lessons for the rest of the Caribbean region to learn from the road Guyana has travelled, having moved from a deep abyss to a position of enjoying seven years of uninterrupted growth up to 2012 at a rate of 4.5 percent per annum.

 
 

This is the view of Dr William Warren Smith, president of the Caribbean Development Bank (CDB), who noted that Guyana’s growth did not start seven years ago, but that those who have been around for a while would be familiar with the challenges that the country had been experiencing over too long a period of time.

“Those of us who are from the region have always known about, talked about and hoped for the blossoming of the Guyana potential,”

 Guyana is a kleptocratic, ethnic autocracy and Caribbean peoples would be best informed of what happens in societies as ours when constitutions allow for elected dictators.

 

It matters little how you cut it. Guyana survives of borrowing and all of its traditional industries are failing or under performing. We are a lure for predators of all sorts, drum drug runners, human traffickers, diamond smugglers, contraband dealers and worse of all the multinational lumber marauders as the Chinese and pillagers who only come for our natural resources that are available at the appropriate kick back rates.

FM
Originally Posted by Conscience:

"warrior" stop fighting the truth, Guyana is experiencing strong economic prosperity,

Thanks to gold, and I am not aware that the PPP can be credited for high gold prices.

 

I always find it funny that people credit the PPP for policies without telling us which policies have been so successful.

 

Skeldon? Berbice Bridge? Providence stadium, and two additional white elephants, the Marriott and the huge international airport!

 

Aside negotiating rice with venezuela, a POLITICAL move on the part of that nation, what else can you come up with?

FM
Originally Posted by Conscience:

There are some interesting lessons for the rest of the Caribbean region to learn from the road Guyana has travelled, having moved from a deep abyss to a position of enjoying seven years of uninterrupted growth up to 2012 at a rate of 4.5 percent per annum.

 
 

This is the view of Dr William Warren Smith, president of the Caribbean Development Bank (CDB), who noted that Guyana’s growth did not start seven years ago, but that those who have been around for a while would be familiar with the challenges that the country had been experiencing over too long a period of time.

“Those of us who are from the region have always known about, talked about and hoped for the blossoming of the Guyana potential,”


I do hope that you understand tha6t he credits Hoyte for some of this.  Note his reference to economic policies fostering growth despite regime change.

 

But again we see that Guyana has this "potential" that it never seems able to develop.

FM
Originally Posted by Demerara_Guy:

Guyana experience is a lesson for Caribbean countries, says CDB president

 

Published on July 2, 2013, Source

 

once Guyana took the decision to start to address its economic and social issues there has been a very remarkable and commendable consistency of policy from one regime to another and it has been maintained up to this point,” Smith emphasised.

 .”


Of course the PPP chorus ignored the fact that he also gave praise to Hoyte.  Indeed one might argue that without Hoyte Cheddi and Janet would have made move sto bring Guyana in line with Cuba.  But by junking socialism Hoyte prevented Cheddi from being able to reinstate it.

FM

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