Guyana on trajectory of steady improvement…

FINANCE Minister, Dr. Ashni Singh, acknowledges that progress takes work, particularly since it is fragile, and he contends that sustaining progress is something the current administration is committed to – a commitment reflected in the 2014 Human Development Report (HDR) released by the United Nations Development Programme (UNDP) on Thursday.The HDI is a summary measure for assessing long-term progress in three basic dimensions of human development: a long and healthy life, access to knowledge, and a decent standard of living. According to the report, Guyana has been on a trajectory of steady improvement in the areas reviewed by the UNDP. Between 1980 and 2013, Guyana’s HDI value increased from 0.516 to 0.638, an increase of 23.6 per cent or an average annual increase of about 0.65 per cent.

“First, the point (that progress is fragile) applies around the world. Secondly, it is a fact that today’s global environment is uncertain….the point about fragility is valid, but it is to our collective credit that, notwithstanding the testing external circumstances, we have been able to record eight years of consecutive growth.” –Finance Minister Dr. Ashni Singh

Dr. Singh said: “First, the point (that progress is fragile) applies around the world. Secondly, it is a fact that today’s global environment is uncertain….the point about fragility is valid.

“However, it is to our collective credit that, notwithstanding the testing external circumstances, we have been able to record eight years of consecutive growth.”

Despite this success, he made it clear that the progress Guyana has seen is not something to be taken for granted.

“It is not something to be taken for granted. The (global) environment is still not helpful. We still face the risk of external shocks and domestic shocks…as policy makers we have to do all we can to preserve and sustain economic growth,” the Finance Minister said.

SUSTAINING GROWTH
“We must have economic growth to generate wealth and more income for the country. We have to also address distribution now, so as to ensure that the most vulnerable are lifted out of poverty, which is something that is reflected in our policy mix. Every time we have a programme, whether it is a programme to ensure attendance at schools or a programme to improve access to healthcare, it is a programme aimed at the most vulnerable,” Dr. Singh added.

“The main issues identified and the main priorities articulated in the report and the main recommendations (of the report) reflect closely our own policy objectives, this Government’s policy objectives.” –Finance Minister Dr. Ashni Singh

He noted that the bottom line of economic growth is the improvement of people’s lives and this has been the consistent focus of the current Administration.

Dr. Singh said: “Economic growth is not an end in its own right; ultimately you want people’s lives to improve… the main issues identified and the main priorities articulated in the report and the main recommendations (of the report) reflect closely our own policy objectives, this Government’s policy objectives.”

The Minister referenced the report’s call for universal access to education and health, stronger social protection and improving opportunities for employment, as well as increased social cohesion, among others.

“While it would be easy to say that Guyana’s HDI only improved or stayed at 121 in 2013, it would be useful to observe that during the 2000 to 2013 period, Guyana’s HDI actually improved by an average of 0.87 per cent, which is a stronger performance than many countries that have economies much stronger than ours, countries that are much more affluent than ours.” –Finance Minister Dr. Ashni Singh

“I could spend a fairly long time speaking about some of the national initiatives that we are implementing in Guyana, which are closely aligned to these objectives….if we look at the report we see the story that is being told…we see a steady trend of movement in the right direction on almost all of the key indicators,” he said.

Between 1980 and 2013, Guyana’s life expectancy at birth increased by 5.7 years; the mean years of schooling increased by 2.7 years and expected years of schooling increased by one year. Guyana’s Gross National Income (GNI) per capita increased by about 173.9 per cent between 1980 and 2013.

The report which presented the HDI (values and ranks) for 187 countries and UN-recognised territories also includes the Inequality-adjusted HDI for 145 countries, the Gender Development Index for 148 countries, the Gender Inequality Index for 149 countries, and the Multidimensional Poverty Index for 91 countries.

It also revealed that Guyana is currently listed at 121 out of a total of 187 countries and territories. The position of this country is also shared by Vietnam, and is considered a medium human development category on the international stage. Guyana’s 2013 HDI of 0.638 is above the average of 0.614 for countries in the medium human development group.

“While it would be easy to say that Guyana’s HDI only improved or stayed at 121 in 2013, it would be useful to observe that during the 2000 to 2013 period, Guyana’s HDI actually improved by an average of 0.87 per cent, which is a stronger performance than many countries that have economies much stronger than ours, countries that are much more affluent than ours,” Dr. Singh said.

The report was presented under the theme ‘Sustaining Human Progress: Reducing Vulnerabilities and Building Resilience’.

Finance Minister Dr. Ashni Singh