ACTING Minister of Tourism, Irfaan Ali has noted that Guyana’s economy is growing exceptionally well. These sentiments were shared as he delivered remarks at the launch of GuyExpo 2013 last Friday evening.

The minister made this observation in reference to the Global Competitiveness Report- World Economic Report 2012-2013.
The report states that in terms of the Quality of Primary Education, Guyana is ranked #50 compared with the ranking of 109 for Jamaica, 66 for Suriname and 34 for Trinidad and Tobago.
In terms of the quality of the education system, Guyana is ranked #42 compared with a ranking of 76 for Jamaica, 84 for Suriname and 40 for Trinidad and Tobago.
For the quality of management of schools Guyana is ranked #64 compared with 77 for Jamaica, 63 Suriname and 36 for Trinidad and Tobago.
Ali went to say that as a result of the government’s intention to improve the suitability of the local workforce for the private sector the government has recently established two technical institutes and intends to place greater emphasis on programmes offered by the University of Guyana in the areas of Mathematics, Engineering, Information Technology; all of which are aligned to the priority sectors. Currently 3,500 persons are trained annually in the technical and vocational areas.
Meanwhile, the local financial sector is highly liquid and extends credit on relatively low interest rates. The ease of access and low finance is reflected in the country’s ranking with respect to the availability of financial services, affordability of financial services, and ease of accessing loans.
The Global Competiveness Report states that in the area of Cost and Availability of Finance; the availability of financial services Guyana is ranked 70 while Jamaica is ranked 64, Suriname is ranked 123 and Trinidad and Tobago is ranked 82.
In terms of the affordability of financial services Guyana is ranked 72 while; Jamaica is ranked 92, Suriname 120 and Trinidad and Tobago 109.
With respect to accessing of loans Guyana is ranked 76 while Barbados is ranked 79. Jamaica is ranked 127, Suriname 103 and Trinidad and Tobago is ranked 77.
For the Cost and Productivity of Local labour, the Tourism Minister stated that the country has an adequate supply of skilled, semi-skilled and un-skilled workers.  According to the Report the cost of local labour is not only low, but the productivity is among the highest in Caribbean and Latin America.
In terms of pay and productivity Guyana is ranked 69th compared with a ranking of; 86 for Barbados, 89 for Jamaica, 123 for Suriname and 126 for Trinidad and Tobago.
In terms of the labour tax contributions as percentage of commercial profits, Guyana is ranked above Barbados, Jamaica, Trinidad and Tobago and Countries in Latin America and Caribbean.
Labour tax and Contribution (% of profit0- Guyana 8.8, Barbados 12.7, Jamaica 12.9 and Trinidad and Tobago 5.8.
Ali noted that the country has made remarkable progress in terms of encouraging investments over the past two decades pointing out that the government in its effort to stimulate growth in all major sectors the Government of Guyana has developed a comprehensive Action Plan aimed at improving the business and institutional environment. This Action Plan consists of more than 60 competitiveness and efficiency- enhancing reforms and will be implemented in a coordinated manner across 10 targeted policy areas.
These include: Starting a Business, Dealing with Construction Permits / Licences, Getting Electricity, Registering Property, Getting Credit, Protecting Investors, Paying taxes, trading across Borders, enforcing Contracts and Resolving Insolvency.