caribny posted:Demerara_Guy posted:IMF warns against exorbitant spending before 2020 oil
Speaking generally to the state of the Guyana economy, the IMF in presenting its account noted that real economic activity expanded by a miserly .2 per cent over the previous year up to 3.3 per cent in 2016.Continued downward development trend by the PNC/AFC.
The IMF referenced an economy which has been under stress for 5 years. You do know that the PPP lost power only 2 years ago.
In fact Guyana's economy began to slow as gold prices drop, this having impact on the construction and retail sectors.
In 23 years the PPP left and economy which was structurally the same as they found it. No new industries and no further value added processing of its commodities. So no wonder vulnerability to commodity price changes is a feature of the Guyanese economy.
Guyana Economic Statistics and Indicators
Year of data: 2015
Full Dataset: From Year 1980 to 2021
Date of Last Update: 30th June 2016
http://www.economywatch.com/ec.../Guyana/#yearListing
The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has broadened the country's export market, primarily in the raw materials sector. Guyana has experienced positive growth almost every year over the past decade. Inflation has been kept under control. Recent years have seen the government's stock of debt reduced significantly - with external debt now less than half of what it was in the early 1990s. Chronic problems include a shortage of skilled labor and a deficient infrastructure. Despite recent improvements, the government is still juggling a sizable external debt against the urgent need for expanded public investment.
In March 2007, the Inter-American Development Bank, Guyana's principal donor, canceled Guyana's nearly $470 million debt, equivalent to 21% of GDP, which along with other Highly Indebted Poor Country (HIPC) debt forgiveness brought the debt-to-GDP ratio down from 183% in 2006 to 60% in 2013. Guyana had become heavily indebted as a result of the inward-looking, state-led development model pursued in the 1970s and 1980s.
Much of Guyana's growth in recent years has come from a surge in gold production in response to global prices, although downward trends in gold prices may threaten future growth. In 2013, production of sugar dropped to a 23-year low.
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Guyana has experienced positive growth almost every year over the past decade.
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PPP/C in government -- period about 2005 to 2015
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Recent years have seen the government's stock of debt reduced significantly - with external debt now less than half of what it was in the early 1990s.
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PNC/Burnham's years -- 1964 to 1992.
3.
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Guyana had become heavily indebted as a result of the inward-looking, state-led development model pursued in the 1970s and 1980s.
[[UNQUOTE]]
Burnham/PNC years in the government.