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Guyana is now a upper middle-income economy – World Bank

By NAN Business Editor

News Americas, WASHINGTON, D.C., Fri. July 15, 2016: Guyana, a Caribbean nation was recently placed into a new economic classification by the World Bank.

As of July 1, 2016, the South American CARICOM nation of Guyana no longer is classified as a low income economy. Instead, using the World Bank Atlas method, Guyana is now classified as an upper middle-income economy with a gross national income (GNI) per capita of between US$4,036 and $12,475.  

The updated GNI per capita estimates are used as input to the World Bank’s operational guidelines that determines lending eligibility.

The new classification comes as ExxonMobil announced another big oil find at its new well offshore Guyana, called Liza-2. It builds on the success of 2015’s Liza-1.

Together, the Lizas’ high-porosity sandstone reservoirs could hold more than 1.4 billion recoverable barrels of high-quality oil. Exxon has 45 percent of the Liza prospect while Hess Corp. has 30 percent and China’s Cnooc-Nexen 25 percent.

Gross domestic product 2015 – World Bank Report

http://databank.worldbank.org/data/download/GDP.pdf

Replies sorted oldest to newest

ba$eman posted:

Wow, alot of progress in one year of a faltering economy!!

So how come the PNC raising taxes all over to close budget gaps!!

The IMF is quite happy that they aren't squandering money, and that the public deficits have declined.

Maybe that's why Guyana is upgraded.

FM

This is great news for the homeland.  So then, Pointblank and his crew should move back to Guyana and enjoy the good life rather than complain and cuss America and how they don't like Muslims.

The good life awaits sir.  Please go!!!  Granger will welcome you with open arms!!!

Bibi Haniffa
caribny posted:
ba$eman posted:

Wow, alot of progress in one year of a faltering economy!!

So how come the PNC raising taxes all over to close budget gaps!!

The IMF is quite happy that they aren't squandering money, and that the public deficits have declined.

Maybe that's why Guyana is upgraded.

It's the international community way of telling Guyana to dare not go around with a calabash begging for aid.  The country has come a long way since 1992 and there is no reason to back to the bad ways of the PNC.

Billy Ram Balgobin

Why don't you shove your head in a plastic bag, tie off the open end and hold your breath for about fifteen mins, then come back and give us your experience.?

cain
Last edited by cain
Drugb posted:

Look now these gaddahas taking credit for progress made under the PPP.

That improvement was obvious under the PPP.  Yes, there us poverty but when you go and see money flowing through the economy and the lifestyle of the people, it was clear there was a major improvement over the years!  That fact that luxury goods and services has spread to every region of Guyana was proof this wealth was being spread around.

This was the result of hard work and delivery of the PPP.  The PNC has a good basis to build from.  Let's see!

FM
gogo posted:

no comment from the GADAHA MAN?

Banna, that improvement did not come in a year.  In fact, worrying signs have developed over the past year, but some stability is returning and the treasury was flush with cash.  If the PNC tries to embark on its old path, you can expect a rapid come down!

FM

Something for all of us to celebrate.  Much of the work for this was done by Team Jagdeo, so let us recognise that and move on.  Guyana is in a better place than it was in 1990.  EOM.

FM

Ba$e, even you would understand that if the basis for wealth goods to flow and be consumed in Guyana's economy, then if another party takes ove that party must have the same basis. If laundered money resulted in million dollar homes and conspicuous consumption by a few when the majority was getting by on barrels and remittances then the APNU-AFC coalition must have the same infrastructure. Heck, even Ramotar must have the same infrastructure. But by the time he took over from Jagdeo, Roger Khan was in prison and the phantom was regressing and the laundering began to decline.

You miss the point about economic development Ba$e. while infrastructure is funded through investments consumption comes from disposable income or credit availability. Now explain to me this "obvious improvements" you speak of that the APNU-AFC inherited. You see, they cannot squander that which they never inherited in the first place. So build your premise of PPP development that tahy left and we'll talk about the APNU-AFC

Kari
Drugb posted:

Look now these gaddahas taking credit for progress made under the PPP.

You all screamed that all hell let lose and that Guyana was collapsing.  If Guyana was in a free fall this wouldn't have happened, so shut it.

Now discuss why after 23 years Guyana is at the bottom of all socio economic indicators in the Caribbean. From educational attainment, wages, infant and maternal mortality rates, levels of child employment, to internet usage.

FM
KishanB posted:

Something for all of us to celebrate.  Much of the work for this was done by Team Jagdeo, so let us recognise that and move on.  Guyana is in a better place than it was in 1990.  EOM.

High gold prices, and the Hoyte reforms which removed excessive state control.

Now let us look at the areas of the economy where the PPP focused heavily on. Guysuco a thriving enterprise?

How has the economy structurally change, except for more of it being in the speculative retail and construction sectors (which reflected high gold prices, remittances, and underground economic activity).

Given that Guyana is an open economy, very dependent on the export of goods and services, can you describe how Jagdeo helped Guyana advance up the value change. By the time the PPP left Guyana was still exporting RAW commodities, with minimal processing.

FM
Kari posted:

 consumption comes from disposable income or credit availability.

In fact the banks in Guyana were highly liquid, because there was limited lending to the commercial sector.   The banks invested heavily in government treasuries, funding increased pubic sector indebtedness.

What was happening was the heavy lending to retail home buyers, and now there is the same crisis with many of these loans becoming non performing.   This because disposable income fell for the reasons that you outlined.

FM
Bibi Haniffa posted:

This is great news for the homeland.  So then, Pointblank and his crew should move back to Guyana and enjoy the good life rather than complain and cuss America and how they don't like Muslims.

The good life awaits sir.  Please go!!!  Granger will welcome you with open arms!!!

you always spewing . Can you provide PROOF where i cuss America. BTW i left under the PPP rule

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Pointblank
caribny posted:
Drugb posted:

Look now these gaddahas taking credit for progress made under the PPP.

You all screamed that all hell let lose and that Guyana was collapsing.  If Guyana was in a free fall this wouldn't have happened, so shut it.

Now discuss why after 23 years Guyana is at the bottom of all socio economic indicators in the Caribbean. From educational attainment, wages, infant and maternal mortality rates, levels of child employment, to internet usage.

The PNC has not delivered on their campaign promises. If not for the oil find initiated under the PPP, the PNC would have nothing to toot their horn bout. Timber, Rice, Sugar, Gold are all in the toilet under this illegal regime. 

With respect to the rest of the Caribbean, they had blue water tourism to fall back on as multinational corporations rushed in to fill the gap after sugar failed. Guyana did not have this option.

FM
Pointblank posted:
Bibi Haniffa posted:

This is great news for the homeland.  So then, Pointblank and his crew should move back to Guyana and enjoy the good life rather than complain and cuss America and how they don't like Muslims.

The good life awaits sir.  Please go!!!  Granger will welcome you with open arms!!!

you always spewing . Can you provide PROOF where i cuss America. BTW i left under the PPP rule

Imam, you pra pra wicked!!!!

Bibi Haniffa
Bibi Haniffa posted:
Pointblank posted:
Bibi Haniffa posted:

This is great news for the homeland.  So then, Pointblank and his crew should move back to Guyana and enjoy the good life rather than complain and cuss America and how they don't like Muslims.

The good life awaits sir.  Please go!!!  Granger will welcome you with open arms!!!

you always spewing . Can you provide PROOF where i cuss America. BTW i left under the PPP rule

Imam, you pra pra wicked!!!!

Not as bare-faced wicked as you.

Kari
Drugb posted:
 

The PNC has not delivered on their campaign promises. If not for the oil find initiated under the PPP, the PNC would have nothing to toot their horn bout. Timber, Rice, Sugar, Gold are all in the toilet under this illegal regime. 

With respect to the rest of the Caribbean, they had blue water tourism to fall back on as multinational corporations rushed in to fill the gap after sugar failed. Guyana did not have this option.

The PPP broke its promises which they had 23 years to fulfill, yet you bawl that after 1 year APNU/AFC haven't been able to fulfill what they promised.

23 years of PPP rule and Guyanese were fleeing to obscure corners of the Caribbean.  This movement became especially acute when PPP supporters began to run in large numbers.  Barbados began to bawl that the island was going to sink under the weight of all of these PPP supporters flocking to that island. 

Trinis decided that the word "Guyanese" was short hand for maid.  So a Trini professional would ask another if she could recommend a "Guyanese" meaning that she wanted a maid that she could exploit.  Her kids would insult each other by calling them "Guyanese", and burst lips was the result, given how bad this remark is taken.

Only you think that tourism is a lucrative business.  It is not.  The pay scales are low, and there is limited value added, given that most products are imported.  Given that most of the hotels are foreign owned and most tourists arrive on packages offered by foreign airlines, and most of the items that they buy duty free are imported, there is little spill over into the general economy.  All that these islands get is the payroll and the taxes.

So given that these islands are limited by this low value industry, or semi scams like selling passports and off shore medical schools (the off shore finance is done except into major places like Cayman) why do they still do so much better than Guyana?  Why did PPP supporters flee to work in low pay jobs cleaning hotels or selling T shirts?

FM

Guyanese in Queens are calling Trinis "Basement".  They love to live in Guyanese people basement apartments.  The Bajans are lazy compared to the Guyanese. They have become envious of the hard working Guyanese who have established themselves on the Island.  Bajans prefer Guyanese carpenters to work rather than their own. The Guyanese don't sit back and listen to soca and calypso all day. Indo-Guyanese are admired in the Islands for their hard work, honesty, and friendliness towards their Caribbean brethren. Caribbean people are proud to speak of their Guyanese friends. It's only Carib, the black nationalist from Guyana who has an axe to grind.

Billy Ram Balgobin
caribny posted:

The PPP broke its promises which they had 23 years to fulfill, yet you bawl that after 1 year APNU/AFC haven't been able to fulfill what they promised.

23 years of PPP rule and Guyanese were fleeing to obscure corners of the Caribbean.  This movement became especially acute when PPP supporters began to run in large numbers.  Barbados began to bawl that the island was going to sink under the weight of all of these PPP supporters flocking to that island. 

Trinis decided that the word "Guyanese" was short hand for maid.  So a Trini professional would ask another if she could recommend a "Guyanese" meaning that she wanted a maid that she could exploit.  Her kids would insult each other by calling them "Guyanese", and burst lips was the result, given how bad this remark is taken.

Only you think that tourism is a lucrative business.  It is not.  The pay scales are low, and there is limited value added, given that most products are imported.  Given that most of the hotels are foreign owned and most tourists arrive on packages offered by foreign airlines, and most of the items that they buy duty free are imported, there is little spill over into the general economy.  All that these islands get is the payroll and the taxes.

So given that these islands are limited by this low value industry, or semi scams like selling passports and off shore medical schools (the off shore finance is done except into major places like Cayman) why do they still do so much better than Guyana?  Why did PPP supporters flee to work in low pay jobs cleaning hotels or selling T shirts?

Nonsense, all 23 years of the PPP was fraught with sabotage by the pnc, mo fiah slow fiah, street protests, killings, raping orchestrated by the PNC leadership. Investors were driven away as the crime was too much. Despite all this the PPP prevailed and brought Guyana to the point where the country is now classified as upper middle class. 

Don't play stupid, you know how destructive the PNC were during their time in opposition. It was only after the business community tamed them via phantomizing that they lost some of their teeth. 

FM
Pointblank posted:
Bibi Haniffa posted:

This is great news for the homeland.  So then, Pointblank and his crew should move back to Guyana and enjoy the good life rather than complain and cuss America and how they don't like Muslims.

The good life awaits sir.  Please go!!!  Granger will welcome you with open arms!!!

you always spewing . Can you provide PROOF where i cuss America. BTW i left under the PPP rule

I'm sure you are a contextual liar like Djanjo.  You may have left under the PPP but you sure as hell started the process under the PNC.

Are you really a holy man as people say?  Man you perverted!!

FM
caribny posted:
Drugb posted:
 

The PNC has not delivered on their campaign promises. If not for the oil find initiated under the PPP, the PNC would have nothing to toot their horn bout. Timber, Rice, Sugar, Gold are all in the toilet under this illegal regime. 

With respect to the rest of the Caribbean, they had blue water tourism to fall back on as multinational corporations rushed in to fill the gap after sugar failed. Guyana did not have this option.

The PPP broke its promises which they had 23 years to fulfill, yet you bawl that after 1 year APNU/AFC haven't been able to fulfill what they promised.

Because they spent the first 12 years digging the nation out of the debt sh1thole your PNC boys left the nation.  They spent over a decade negotiating debt forgiveness and then rebuilding the infrastructure whoich YOUR party and Govt destroyed the nation.  It takes much longer to build than to destroy, but what would you know!!!

FM
Billy Ram Balgobin posted:

 Bajans prefer Guyanese carpenters to work rather than their own.

1. You have to be kidding if you think that Guyanese Indians are liked in the Caribbean. They are seen as clannish racists.

2.  Any employer will prefer one who they can exploit and under pay. Look at how Chinese were brought to build Marriott because Jagdeo said that Guyanese were too lazy.  If Guyanese are so hard working why did Jagdeo not have them hired to build Marriott?

3.  If Guyanese Indians love their Caribbean "brothers" so much why do they have nothing to do with them in NYC?   Trinis arrived in Guyana after Guyanese so more of them will be recent immigrants who rent basements.  They are more educated than are Guyanese and so will rise. Indo Guyanese in Trinidad will remain maids, thanks to the PPP which chased them there.

FM
ba$eman posted:
 

Because they spent the first 12 years digging the nation out of the debt sh1thole your PNC boys left the nation.

The debt forgiveness occurred within the first 12 years, and as a result of this Guyana received debt write off, and loans at concessional rates. This when Antigua was told that it was too rich to borrow at anything other than market rates.

23 years of PPP rule and Guyana is still at the bottom of the pile.

Of course infrastructure is hard to build when there is corrupt awarding of contracts with shoddy work being done.

Chat a minute about Fip Motilall, on whom over US$5MM was squandered.  Or that infamous wharf which floated away.

FM
Last edited by Former Member

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