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Govt has failed to present substantial economic policy – Jagdeo.

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Opposition Leader and former President Bharrat Jagdeo has stated that Guyanese are at a lost as to where the country is heading in terms economic growth, adding that the coalition Government has failed to present a substantial economic policy.

I’m a politician and I tend to be partisan; I want the PPP (People’s Progressive Party) to get back in office and that’s my job, working towards that so maybe I don’t give them a fair chance of presenting what their economic policy is. But I’ve asked many people, who are supposed to be not partisan, not politicians and they are just as lost as I am about where the country is heading and a clear vision for taking it there cause it just doesn’t exists,” Jagdeo asserted.

Opposition Leader and former President Bharrat Jagdeo addressing the gathering at the Guyana Manufacturing and Services Association annual dinner

Opposition Leader and former President Bharrat Jagdeo addressing the gathering at the Guyana Manufacturing and Services Association annual dinner

 

He was at the time delivering the feature address at the Guyana Manufacturing and Services Association (GMSA) Annual Dinner held at the Guyana Pegasus on Friday evening. According to the former President, the country’s growth rates for last year and this year are very anaemic.

Jagdeo went on to say that even the projection growth some of the sectors like sugar, manufacturing and construction are unlikely to happen. However, he noted that while the forecasted 3.8 per cent growth in the Gross Domestic Product (GDP) can very well happen, it will be only because of the mining sector, more specifically gold. He added that every other sector in the country is declining.

The Opposition Leader premised this argument on the country’s balance of payment data, which shows that earnings from gold exports have moved from US$469.8 million in 2014 to US$778 million in 2016 with a projection of nearly $800 million this year.

At the same time, however, the other major sectors pushing the country’s economic are on the decline. Jagdeo noted that rice exports reduced from US$249 million to US$182 million from 2014 to 2016; sugar from US$88 million to US$67 million from 2014 to 2016; bauxite from US$124 million to US$100 million from 2014 to 2016 and timber declined from US$53 million to US$40 million from 2014 to 2016.

So these are the five major areas that are disaggregated… and four of the five have seen significant decline in exports in US dollars,” he posited. Turning his attention to imports, Jagdeo noted that only fuel imports in 2014 was recorded at US$573 million and fell to US$367 million in 2015 and then to US$327 million last year. However, this is projected to go back up to US$433 million in 2017.

The improvement in our balance of payment has relied on two things alone: the drop of fuel prices, we saved a couple of hundred million dollars, and gold price skyrocketed between 2014 and 2016 by a few hundred millions – everything else has deteriorated… On the export side, gold has gone up and on the import side, there is savings in fuel but both are volatile,” Jagdeo surmised.

The former President pointed out that because a significant part of the earnings from gold are earned by large companies, it’s recorded in the exports but the bulk of the money does not flow back into the country.

Moreover, the Opposition Leader noted that while there has been a growth in imports, persons have been reporting a reduction in the numbers of containers that being brought in. This growth, he added, is as a result of the increase valuations by the Guyana Revenue Authority (GRA).

So you have a reduction in the number of containers coming but it’s seen as a growth of imports because GRA bumps up the valuation. People bring in containers now are complaining that their containers are re-valued 30-40 per cent capriciously and so it creates the impression that more imports are taking place but in real sense, it’s a financial transaction. S people are concern,” he stated.

Jagdeo noted that he painted a benign picture of the country’s balance of payment and even with that, there is so much pressure already on the exchange rate. “If you paint a picture of the balance of payment evolving on the basis of what we know anecdotally then it gets worst because the real sector can’t support what’s happening there,” he said.

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So you have a reduction in the number of containers coming but it’s seen as a growth of imports because GRA bumps up the valuation. People bring in containers now are complaining that their containers are re-valued 30-40 per cent capriciously and so it creates the impression that more imports are taking place but in real sense, it’s a financial transaction. S people are concern,” he stated."


 

Any data how many of these containers have raw materials for manufacturing by the "Guyana Manufacturing and Services Association"

Who wanna bet it's loaded with food stuff made in another country,the challenge is on.

Django
Drugb posted:

Some of them waking up now. The stench from the slop can must have become overbearing, or maybe the I put sense in their head with two good smacks. 

Unfortunately you lack the intellect to guide anyone,poor you take a look of your vocabulary,claimed you have graced the doors of College,which haven't improved the low level mentality,redeem yours before it's too late.

You can't comprehend the Irony of the post.

Django
Django posted:
Drugb posted:

Some of them waking up now. The stench from the slop can must have become overbearing, or maybe the I put sense in their head with two good smacks. 

Unfortunately you lack the intellect to guide anyone,poor you take a look of your vocabulary,claimed you have graced the doors of College,which haven't improved the low level mentality,redeem yours before it's too late.

You can't comprehend the Irony of the post.

Don't feel bad that I brought you to your senses, it was my pleasure to rescue a lost soul. Over the years I had a couple of patients, notably d2 and caribj who learnt a lot from me. 

FM
Billy Ram Balgobin posted:

Django,

What would happen to Guyana's economy if the price of oil goes up and the price of gold goes down?

You speculate too much,what sort of Economy Guyana have,all PPP know about is Rice,Sugar,Commodities that are produced cheaply by other countries,the poku poku manufacturers with the exception of Banks DIH,DDL, Sterling Products,Beharry and Ricks and Sari, are pissing in the wind,imagine the amount of inferior food products that are imported which can be locally manufactured,take milk products for example.

Guyana have the potential to produce other agricultural crops to supply the Caribbean and get a foot in the US market,one of the reasons why entry is prohibited for some of the produce,poor pest control.

Blind visionaries are left in the homeland,recycled rejects who sponge off the gov't coffers.

Django
Drugb posted:
Django posted:
Drugb posted:

Some of them waking up now. The stench from the slop can must have become overbearing, or maybe the I put sense in their head with two good smacks. 

Unfortunately you lack the intellect to guide anyone,poor you take a look of your vocabulary,claimed you have graced the doors of College,which haven't improved the low level mentality,redeem yours before it's too late.

You can't comprehend the Irony of the post.

Don't feel bad that I brought you to your senses, it was my pleasure to rescue a lost soul. Over the years I had a couple of patients, notably d2 and caribj who learnt a lot from me. 

Seriously you can't bring nothing to the table that i don't know.You ran too early from the homeland and wasn't exposed to the political climate.

I have more respect for Carib and D2,you are a troll on this site intimidating posters,taking accolades,the bulling you got at Saints damaged your psyche,poor you,you could have grown some balls and stand up to the perpetrators.

I guess this is only place behind a keyboard you are feeling like a macho.

Django
Bibi Haniffa posted:

You didn't answer the man's question.  What is the answer?

Billy Ram Balgobin posted:

Django,

What would happen to Guyana's economy if the price of oil goes up and the price of gold goes down?

Gaal i am always Optimistic,alyuh speculators think the whole world will collapse when the two golds swings like a seesaw.I have been thru it since G.W.Bush days and still surviving.

Black Gold coming to balance the effects.

Django
Last edited by Django

Django, please give me some examples of the"poku poku" manufacturers. 

You guys are so accustomed to reading  TK's 8 second economic analysis that you think you just snap your fingers and you bypass some of the rules of economics, economic development, international trade,  political nationalism, public administration. You seem to think that the Guyana government, regardless of whether it was the ppp or the present coalition wants its country to remain in economic backwardness, or that the expertise does not exist within the country. You are wrong if you think so. 

Since you are so smart. Then explain for us why a Sari and not  "poku poku" manufacturer,, why guyanese buy inferior imported food products rather than locally grown of debatable better quality, why this does not happen in other third world countries if it is only happening in Guyana, what are the impediments to entry into the US market for products from Third World  countries, is it possible for Guyana to export orange or avocado at a lower price than other suppliers. I can give you hundreds of questions all related to the issues you raised and seem to know how to solve for us living here in Guyana.

Maybe, offer your services to the guys now in government. They desperately need help to deal with the economy. I am surprised that someone of your intelligence supported such blind visionaries prior to them assuming power.

Z
Zed posted:

You seem to think that the Guyana government, regardless of whether it was the ppp or the present coalition wants its country to remain in economic backwardness, or that the expertise does not exist within the country. You are wrong if you think so. 

 

So what's the reason for the economic backwardness you are experiencing today, Zed?

BTW, I would like to hear what you think about Clive Thomas analysis of the sugar industry I mentioned on the other thread.

FM
Django posted:
Billy Ram Balgobin posted:

Django,

What would happen to Guyana's economy if the price of oil goes up and the price of gold goes down?

You speculate too much,what sort of Economy Guyana have,all PPP know about is Rice,Sugar,Commodities that are produced cheaply by other countries,the poku poku manufacturers with the exception of Banks DIH,DDL, Sterling Products,Beharry and Ricks and Sari, are pissing in the wind,imagine the amount of inferior food products that are imported which can be locally manufactured,take milk products for example.

Guyana have the potential to produce other agricultural crops to supply the Caribbean and get a foot in the US market,one of the reasons why entry is prohibited for some of the produce,poor pest control.

Blind visionaries are left in the homeland,recycled rejects who sponge off the gov't coffers.

You ran from the question because you know the dire consequences this country will suffer if either gold price plummets or oil price rises.  If both happens simultaneously then we will have a catastrophe. This is not far fetched since all other sectors are in rapid decline and the country is now suffering capital flight more than it did any time in last two decades. 

Billy Ram Balgobin
Last edited by Billy Ram Balgobin
Zed posted:

Django, please give me some examples of the"poku poku" manufacturers. 

You guys are so accustomed to reading  TK's 8 second economic analysis that you think you just snap your fingers and you bypass some of the rules of economics, economic development, international trade,  political nationalism, public administration. You seem to think that the Guyana government, regardless of whether it was the ppp or the present coalition wants its country to remain in economic backwardness, or that the expertise does not exist within the country. You are wrong if you think so. 

Since you are so smart. Then explain for us why a Sari and not  "poku poku" manufacturer,, why guyanese buy inferior imported food products rather than locally grown of debatable better quality, why this does not happen in other third world countries if it is only happening in Guyana, what are the impediments to entry into the US market for products from Third World  countries, is it possible for Guyana to export orange or avocado at a lower price than other suppliers. I can give you hundreds of questions all related to the issues you raised and seem to know how to solve for us living here in Guyana.

Maybe, offer your services to the guys now in government. They desperately need help to deal with the economy. I am surprised that someone of your intelligence supported such blind visionaries prior to them assuming power.

Will get back to you later in more detail,I am little busy plus wan 12 inch snow storm coming tomorrow.

Here is a short response.

I mentioned poor pest control causing some of the agricultural produce not entering the US market,what boggles my mind why other Central and South American produce are allowed,What Guyana lacks to compete and the expertise are there.

Seeing you are there can you provide a list of Manufacturers and products they are producing if you don't mind.

Django
Billy Ram Balgobin posted:
Django posted:
Billy Ram Balgobin posted:

Django,

What would happen to Guyana's economy if the price of oil goes up and the price of gold goes down?

You speculate too much,what sort of Economy Guyana have,all PPP know about is Rice,Sugar,Commodities that are produced cheaply by other countries,the poku poku manufacturers with the exception of Banks DIH,DDL, Sterling Products,Beharry and Ricks and Sari, are pissing in the wind,imagine the amount of inferior food products that are imported which can be locally manufactured,take milk products for example.

Guyana have the potential to produce other agricultural crops to supply the Caribbean and get a foot in the US market,one of the reasons why entry is prohibited for some of the produce,poor pest control.

Blind visionaries are left in the homeland,recycled rejects who sponge off the gov't coffers.

You ran from the question because you know the dire consequences this country will suffer if either gold price plummets or oil price rises.  If both happens simultaneously then we will have a catastrophe. This is not far fetched since all other sectors are in rapid decline and the country is now suffering capital flight more than it did any time in last two decades. 

Namely which all other sectors ??

Please tell which sectors are the back bone of the Economy.

Django
Zed posted:

Maybe, offer your services to the guys now in government. They desperately need help to deal with the economy. I am surprised that someone of your intelligence supported such blind visionaries prior to them assuming power.

Like most here, because of Jagdeo's involvement with the PPP we wanted to see Jagdeo's back, hence PPP lost. Sorry to say this but the PPP will again lose if Jagdeo is the only person who can lead them.

We all hope to have something better in place...the hope is still alive.

cain
Last edited by cain
cain posted:
Zed posted:

Maybe, offer your services to the guys now in government. They desperately need help to deal with the economy. I am surprised that someone of your intelligence supported such blind visionaries prior to them assuming power.

Like most here, because of Jagdeo's involvement with the PPP we wanted to see Jagdeo's back, hence PPP lost. Sorry to say this but the PPP will again lose if Jagdeo is the only person who can lead them.

We all hope to have something better in place...the hope is still alive.

Seems like many of you pnc/afc apologists have confused Jagdeo with Ramoutar who actually was the one who lost. 

FM
Last edited by Former Member

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