THE Private Sector Commission (PSC) has joined in lauding the People’s Progressive Party (PPP) for the advances over the last 20 years in building a strong national economy.

Addressing guests at a recent forum to celebrate the party’s landmark, PSC Vice-President, Mr. Clinton Urling said: “The last 20 years have been the most prosperous in Guyana’s economic history since independence.
“We have had 16 out of 20 years of positive economic growth. The four years where growth wasn’t recorded were as a result of political destabilisation and instability and the vicious and destructive crime sprees in early 2000’s. Mother Nature also played an unfortunate role in 2005.
“Take out our political problems and this country probably would have recorded 19 out of 20 years of economic growth,” he posited.
According to Urling: “There have been tremendous improvements in Guyana’s debt management profile – both public and external – with favourable levels of debt to revenues and debt to GDP ratios.
“Prudent monetary policies have led to the availability and the reduction in the cost of credit to our Private Sector and also contributed to our banking sector not suffering the faith that afflicted many during the global financial crisis.”
He continued: “Of all the countries in CARICOM, Guyana has the benediction of attracting the most attention by observers and investors who are very bullish (about) Guyana’s economic potential and prospects.
“The high potential for oil and gas exploration activities to bear fruit coupled with the possibilities for hydro, wind, solar and bio-energy adds to this sprouting optimism.”
Model
Urling concluded that, as Guyana continues to pursue and implement the strategies contained in the National Competitiveness Strategy in a stable political environment, it will become “the model of economic stewardship and accomplishment for the rest of the world to emulate.”
Similar sentiments were proffered by Immediate Past President of the PSC, Mr. Ramesh Dookhoo at a panel discussion hosted by the Progressive Youth Organisation (PYO), youth arm of the PPP.
He declared that the Private Sector’s confidence in the economy has evolved and evidence of that can be found in the robust and expanding Private Sector developments and its institutions, as well.
Dookhoo said, previously, Guyana had relied heavily on sugar, rice and bauxite to sustain its economy but this government has ensured that that reliance does not become a hindrance to development by creating the framework for the rebirth of the services industry as well as encouraging the expansion of small and medium enterprises.
“It has also aggressively sought after investments in infrastructure, is actively pursuing a Low Carbon Development Strategy (LCDS) and discussing an actionable pathway for the implementation of the Jagdeo Initiative, a concept that, if implemented, will ensure food security and sustainability within the Region,” he remarked.
Dookhoo observed that the PSC is also celebrating 20 years and credited that as a product of the diplomatic community and the Government of the PPP/Civic.
In his view, the PPP/C, which engineered the country’s return to democracy in 1992 after years of rigged elections by the People’s National Congress (PNC), has worked assiduously, over the past 20 years, to develop Guyana’s economic position.
As a result, there have been sweeping developments in all the sectors of economy but especially in the housing and natural resources sectors and now there is bourgeoning optimism for Guyana’s natural gas and energy potential, Dookhoo said.