Guyana’s economic performance hailed by CDB vice president – for sustained growth despite global recession

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Vice President (Operations) of the Caribbean Development Bank (CDB), Dr Carla Barnett Monday praised Guyana’s economic performance, which has and continues to withstand the effects of the global financial crisis.
Dr Barnett is currently leading a delegation from the bank in talks with the government with regards to its new country strategy. She said that financial crisis has impacted the region quite profoundly.

Vice President (Operations) CDB Dr Carla Barnett
Vice President (Operations) CDB Dr Carla Barnett

In the case of the CDB, this impact is seen in the demand for additional borrowing. She went on to explain that borrowing member countries have severely constrained capacities to borrow at this time.
“In many of the countries we have seen growth decline, but Guyana is an exception, and in the last few years, we have seen the economy in Guyana actually expand,” Dr Barnett said.
Last year, Guyana’s economy fared well on the upward trajectory; recording a growth of approximately four per cent.
While traditional sectors such as sugar, bauxite, and rice continue to contribute significantly to economic development, new and emerging sectors are flourishing as well. These include to a large extent, tourism and mining. In agriculture, rice with a target of 412,000 tonnes has again outdone itself; recording a production of over 422,058 tonnes, by far, the largest output in the history of rice production in Guyana with overall average yield being 4.6 tonnes per hectare.
Sugar on the other hand, did not perform as expected and had it met its target; the country’s growth rate would have been higher. Gold production on the other hand, reached over 400,000 ounces in 2012.
Last year, the country’s economic performance received kudos from another prominent international body, the International Monetary Fund (IMF) which projected a growth of 5.5 per cent in 2013.
The IMF had pointed out that the policies of the government are designed to support the country’s macroeconomic resilience and sustained growth. Since 2006, because of prudent fiscal management, the economy has been showing its resilience, recording growth every year.

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