THE GOVERNMENT’S traditional political opponents and uninformed critics would find no comfort in the latest published assessment by the International Monetary Fund (IMF) on the continuing positive performance of Guyana’s economy. But it is certainly good news for the Guyanese people in general — across political boundaries — to know of the IMF’s healthy view of our nation’s economic performance, as reflected in its just-released Article IV ‘consultation’.
Despite external shocks, noted the IMF, Guyana’s economy has demonstrated “resilience” to register a fifth consecutive year of robust growth in 20I0, with the economy expanding by around 3.04 per cent — slightly more than in 2009.
Before encouraging signals came from the international financial institutions, the Caribbean Development Bank (CDB), the region’s premier financial institution, was last year also pointing to the commendable economic performance by Guyana.
Once cynically treated as the so-called ‘Cinderella’ among CARICOM economies, Guyana today continues to be on the forward march, as it proudly reveals examples in social and economic progress against the challenges it has long been coping — with determination and vision.
As stated by the IMF: “Guyana’s outlook remains positive for 2011, an election year, and through the medium- term. Road projects, construction of a large hydropower plant at Amaila Falls, and implementation of the Low Carbon Development Strategy (LCDS), should sustain growth levels above the long-run trend of three (3) per cent, at five (5) per cent over the medium-term before tapering off in 20I5…”
While external factors have had some negative impact on the cost-of-living, Guyana remains a most stable economy, with comparatively impressive achievements in managing its international trade, attracting investments, and keeping the lid on unemployment.
Long journey
It has been a very long journey from the path of national economic reconstruction that got underway with the return to government in October I992 by the People’s Progressive Party(PPP), following the nightmare years of a constant slide towards a level of stagnation and despair.
But as the international financial institutions, donor governments, and the Guyanese people themselves would be aware, successive freely elected PPP-led administrations over the past I8 years did not only succeed in making and sustaining significant social and economic achievements.
The government, commendably, did so while engaging in a cleansing process, based on ethical principles, of state institutions. These included the disciplined forces themselves that had also become infected by the doctrine of ‘party paramountcy’ under the misrule of the People’s National Congress (PNC).
We have no doubt that decision-makers of our Army and Police Force appreciate their independence, and are enjoying the respect they continue to experience from citizens who are anxious to preserve a rule-of-law environment that criminals deeply dislike and fear.
There was that difficult period, under PNC misrule, when public sector workers were systematically frustrated from exercising their skills, and had their spirit of independence blunted to conform to the dictates of a governing party which had turned vote-thieving into a fine art to maintain political power for almost a quarter of a century.
Further, it was a time when public health services were in shambles, and malnutrition among children and mothers was as alarming as the then rising rates of unemployment and criminality.
In the coming months, as the country moves towards a new general election, we will learn much more about the fundamental differences in democratic governance and resulting solid economic and social gains, in comparison with constant abuse, the raw propaganda, and hilarious promises flowing from various political quarters and elements.
Guyana has had more than its fair share of negative manifestations and infantile politicking. What it really needs and deserves is greater cooperation involving ALL sectors of the society, in particular the business community, the labour movement, and civil society organisations to help maintain our nation on a path of constant socio-economic progress — beyond the growth-rate projected by the IMF from now until 20I5.