GUYANA REMAINS THE TOP ECONOMIC PERFORMER IN THE CARIBBEAN

December 23, 2013, By Filed Under Features/Columnists, Peeping Tom, Source

 

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ECONOMIC GROWTH RATES IN CARIBBEAN 2010-2014
SOURCE: International Monetary Fund

 

Guyana is behind the rest of the Caribbean when it comes to economic growth? Nothing could be further from the truth. Guyana is and remains the best performing economy in the Caribbean, outshining every single economy in the Region.


Guyana’s economy has been growing since 2006 and has been growing at a most impressive rate. Economic growth refers to the increase in GDP, and when it comes to the growth rate of the economy, Guyana outperforms everyone else in the region, as illustrated by the table below. (The numbers for 2013 and 2014 are projections by the IMF)

 

This article however is not so much concerned by those who wish to offer misinformed opinions about Guyana’s economic growth relative to the rest of the Caribbean, except to say that while the naysayers are having a field day in Guyana, there are many persons who are studying Guyana’s performance  to determine what it has done right and what is responsible for this consistent growth in its economy over the past eight years, more so considering that this growth is taking place in the context of a global recession.


What is clear is that corruption has not become a drag on economic development. This is not to condone corruption but merely to point out that despite the undisputed evidence of corruption and cronyism in the affairs of public administration, Guyana’s economy continues to outperform all others in the Region, including a fast-closing Suriname which has pursued an aggressive policy of pursuing investments in its natural resources, particularly in extractive resources.


The continued excellent performance in economic growth may explain also why the Donald Ramotar administration has been circumspect about changing economic course and even about having an economist to head the Ministry of Finance.


One of the things learnt from the winning West Indies team of the seventies and eighties is that you do not change a winning combination. And this perhaps explains why Donald Ramotar is sticking with the same old combination and sticking also with the same game plan.


He, of course, is an economist by training and knows all too well that economic growth is cyclical and that every upturn is invariably followed by a period of decline.

 

Guyana has had a long and extended run. In fact, the long stretch of economic growth has defied the pundits of doom who had long indicated that Guyana’s improved economic performance would have only been a temporary occurrence. Projections however indicate that this growth is likely to move over to 2014 and beyond.


Donald Ramotar would however be concerned as to what may happen after this upward growth cycle ends and this is why he seems so obsessed in ensuring that large scale hydroelectricity becomes a reality. The fact that the Amaila Falls Project was vetoed seems to have hurt him deeply because no President wants to be held responsible for not sustaining the economic growth that he inherited and Donald Ramotar knows that without hydroelectricity, Guyana’s economy will remain based on primary production and that there are limits to which growth can be sustained in this type of economy.


He seems very keen therefore to move the economy towards increased industrialization, something that characterizes developing economies in transition to emerging economies. To achieve this he knows that Guyana needs cheap energy.

 

The opposition parties are however not going to approve public spending for Amaila Falls unless they are convinced that Guyana is obtaining value for money. The opposition parties are justifiably suspicious about the large projects that were conceived under the Bharrat Jagdeo administration and which continue to be pursued by the Ramotar administration.


As such, it is for the Ramotar administration to win over the confidence of the opposition about these projects and not simply adopt the position that the opposition parties come hell or high water want these projects killed in order to destabilize the economy of Guyana.


If the past two years is anything to judge by, it is clear that the opposition theatrics has not retarded Guyana’s economic growth. But unless a cushion is created for the impending cyclical downturn, Guyana may end up becoming like the West Indies cricket team, unable to continue its winning streak.

Original Post
Originally Posted by Mitwah:
Originally Posted by Ramakant-P:

The rest of the Caribbean must be doing terrible.

 

It was only a matter of time before the ships stop coming in large quantities.

look at Barbados, they have nothing to offer. People are no longer excited about man made beaches..

Why are Guyanese flocking there to live?

Who told you that?  Five years ago, that was so. Guyanese living in the Caribbean are moving to North America as soon as their visas come through.   Most Guyanese  in Queen's used Ontario to get into USA via the Kingston border.

Originally Posted by Ramakant-P:
Originally Posted by Mitwah:
Originally Posted by Ramakant-P:

The rest of the Caribbean must be doing terrible.

 

It was only a matter of time before the ships stop coming in large quantities.

look at Barbados, they have nothing to offer. People are no longer excited about man made beaches..

Why are Guyanese flocking there to live?

Who told you that?  Five years ago, that was so. Guyanese living in the Caribbean are moving to North America as soon as their visas come through.   Most Guyanese  in Queen's used Ontario to get into USA via the Kingston border.

hey old man stick to what you know you talking shit

Originally Posted by warrior:
Originally Posted by Ramakant-P:
Originally Posted by Mitwah:
Originally Posted by Ramakant-P:

The rest of the Caribbean must be doing terrible.

 

It was only a matter of time before the ships stop coming in large quantities.

look at Barbados, they have nothing to offer. People are no longer excited about man made beaches..

Why are Guyanese flocking there to live?

Who told you that?  Five years ago, that was so. Guyanese living in the Caribbean are moving to North America as soon as their visas come through.   Most Guyanese  in Queen's used Ontario to get into USA via the Kingston border.

hey old man stick to what you know you talking shit

JACKASS, Grow a brain and clean the  SHIT out yuh Big head then come back.

Originally Posted by Ramakant-P:

and shit is all that you know..

i know as you saying that guyanese is running from the shores of guyana using the kinston border was a long time ago in fact you might not know that there is a back road from kingston to the USA i also know that you and nehru is two low life collie that already sell your soul a racist coward as i say stick to what you know drinking rum and help the ppp rob the guyanese people

Originally Posted by raymond:

Why Guyanese in a hurry to leave for the rest of the Caribbean and other shores if things so good?

WHen Burnham was in power, he used to say the same thing...Guyana growing by leaps and bounds, yet so many were leaving

aRE YOU SERIOUS?? You really used to listen to Bunham????   Laad Ah Mercy.

Originally Posted by raymond:

Why Guyanese in a hurry to leave for the rest of the Caribbean and other shores if things so good?

Guyanese - former British Guianese - were leaving for an extremely long time, even before 1900 and have settled in numerous parts of the world.

 

As an example, the first distinguished Lady was born in Guyana and the father of the other Lady as simply two of the numerous examples.

 

Valerie Amos DFID 2013.jpg

Valerie Ann Amos, Baroness Amos.

Born at Wakenaam, Guyana

Also served in the position of

Leader of the House of Lords, and

Lord President of the Council, UK.

 

Currently, Undersecretary-General for

Humanitarian Affairs and Emergency Relief

Coordinator, United Nations.

 

 

Shirley Chisholm.jpg

Shirley Chisholm

First woman, Democratic Party

who contested the position for

President of the United States.

Her father is from Guyana and,

Her mother is from Barbados.

Last edited by Demerara_Guy
Originally Posted by Observer:
Originally Posted by Demerara_Guy:

GUYANA REMAINS THE TOP ECONOMIC PERFORMER IN THE CARIBBEAN

 

Where are all the foulmouths, loudmouths and Guyana bashers?


Don't know how we can be the top performer when we still have the lowest per capita income, aside from Haiti.

 

Its funny when people use Shirley Chisholm and Baroness Amos.  In those days Guyanese accounted for a small % of immigrants and Bajans and others migrated TO Guyana.  Now Guyana accounts for a large % of Caribbean migrants and Guyanese flock to any piece of land in the Caribbean which is above sea level.  Even Montserrat with its violent volcano!

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