Urling says positive growth experienced over the years must be maintained

The positive growth Guyana has seen over the last 16 years must be maintained and extended for the long haul, Georgetown Chamber of Commerce and Industry President Clinton Urling told the government. The statement was part of a congratulatory message to the PPP/ C administration on the occasion of the 20th anniversary celebrations of the party in government at the Guyana International Conference Centre, Liliendaal on Tuesday.

Urling noted, however, that maintaining the momentum would require maturity on all sides of the political spectrum. Nevertheless, the GCCI head has little doubt that Guyana would become the model for economic stewardship, setting an example for the rest of the world to emulate.
This will happen, he posited, as government continues to pursue and implement the strategies in the National Competitiveness Strategy, and ensure a stable political environment is present. Pointing out that positive economic growth was recorded for 16 of the last 20 years, he explained that the four years where growth was not recorded were as a result of political destabilisation and instability and the vicious and destructive crime sprees in the early 2000s.
Urling also noted the unfortunate natural events in 2005 when the country suffered devastating floods. He suggested that if political problems were subtracted, then Guyana would have probably recorded economic growth for 19 of 20 years, with both macro- and micro- economic policies laying fertile ground for this success.
On the macroeconomic side, Urling said, the tremendous improvements in the debt management profile both externally and locally can clearly be seen, with favourable levels of debt revenue and GDP ratios.
He attributed this to prudent monetary policies that led to the availability of and the reduction in the cost of credit to the private sector, which also helped the banking sector to avoid the fate of many others during the global financial crisis. At the micro level, Urling stated, private sector firms are at work and are on the rise, fuelling growth and development.
Local companies, he noted, are investing in all facets and sectors of the economy, with an enormous leap in nation building and wealth creation. The GCCI president also pointed to the fact that Guyana, of all Caricom countries, has attracted the most attention from observers and investors who are very bullish on Guyana’s economic potential and prospects.
He said that the high potential for oil and gas drilling activities are yet to bear fruit, coupled with the possibilities for hydro, wind, solar and bio energy, adds to the emergent optimism in Guyana.