Reply to "China lift 700M out of poverty, Guyana can’t lift 700,000"

Bibi HaniffaGNI Queen

Prashad posted:
Bibi what Guyana has to worry about is inflation and the oil syndrome. Inflation with the money coming in and people depending too much on oil not on agriculture and other important industries like what happened in Venezuela and Libya. Just before Gaddafi was overthrown in Libya they had an unemployment rate of 20 percent because of declining oil prices. Gaddafi was giving the population oil money cheques from royalty investments to keep them surviving.

Correct. The economy must be diversified. Inflation is a big worry. Right now Guyana central bank is buying currency from commercial banks to keep the economy afloat. There is a serious decline in foreign exchange as a result of the depletion from revenue coming in from sugar. It’s one of the reasons the PPP subsidized the sugar industry. It was a much needed source of foreign exchange.

9/29/1912:44 PM

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