State of the economy still a concern not addressed – Ramotar
Monday , October 12 2015, Source
ATTENTION has not been diverted from the state of the local economy, more so in light of the salary increased that were made public by a media report last week. And former President Donald Ramotar contends that President David Granger ought to reassess the advice being given to him by his Finance Minister Winston Jordan, given that all is not well.
Several members of the People’s Progressive Party/ Civic (PPP/C), the former administration and now political Opposition, have bemoaned the state of the economy
“I think he is badly advised,” Ramotar had said at a prior news conference, adding that statistics provided by the former Minister of Finance, Dr Ashni Singh, indicate that the local economy was performing well prior to the change in government.
Ramotar acknowledged that external factors, including gold prices, do have an impact on local productive sectors; however, he stressed the need for proper management of the economy.
These contentions are similar to the ones the Opposition Leader, Dr. Bharrat Jagdeo, expressed during the budget debate, at which time he expressed the view that the measures in Budget 2015 are a recipe for disaster.
“Budget 2015 is flawed, vague and vacuous….it does not respond to the concerns of the people. It doesn’t focus on those who are losing their jobs.
It doesn’t focus on creating wealth. It focuses on redistribution of wealth…in two or three years’ time the economy will flat-line,” he warned.
Jagdeo maintains his contention that “the economy is slowing down” and the measures touted by APNU+AFC do not reverse this situation.
“This budget operated on the flawed assumption that you can tackle economic development by only dealing with one element of the growth equation. It is a fallacy,” he said, explaining that increase an in private investment, private consumption, government spending, and net exports equals an better Gross Domestic Product (GDP).
“You will drive this economy into greater problem…if you want to move this country forward you have to respond to the needs of the people,” he stressed.
Jagdeo proffered the view that “the Minister has not tackled the key issues. He has it (his approach to managing the economy) philosophically wrong.”
