Post COVID-19 and Guyana’s economy

Dear Editor,
THE International Monetary Fund (IMF) defines a global recession as “a decline in annual per?capita real World GDP (purchasing power parity weighted), backed up by a decline or worsening for one or more of the seven other global macroeconomic indicators: Industrial production, trade, capital flows, oil consumption, unemployment rate, per?capita investment, and per?capita consumption”. The Coronavirus poses risks to the global economy’s fragile recovery: The IMF says global economic recovery will be shallow and could be derailed by a further spread of the coronavirus. International Monetary Fund Managing Director Kristalina Georgieva said the coronavirus outbreak was a stark reminder of how unforeseen events could threaten a fragile recovery. The coronavirus pandemic has already disrupted economic growth in China, and a further spread to other countries could derail a “highly fragile” projected recovery in the global economy in 2020, the International Monetary Fund warned. Georgieva said the outlook for global growth was negative, and the IMF now expected “a recession at least as bad as during the global financial crisis or worse.

How can Guyana protect its economy?
This recent pandemic should be used as an oppturnity to reduce imports and for the growth of our agribusinesses. Due to the current COVID-19 crisis, production will not be sufficient for exports at this time. However, we would be able to provide for our own that will be sold cheaper than the items that were imported; when we are ready to export prices can increase so that we would be able to earn profits. Private investments can be used to help this sector at this time; grants should also be provided by the government. Here are some of many proposed solutions which we can use to help grow our agricultural sector, thus boosting our economy during this COVID-19 crisis:-
The creation of jobs during and after COVID-19; bio-degradable packaging, including the ones made by banana leaves can be made by any Guyanese with a banana tree in his/her yard. Human resources would also be needed post COVID-19 to work in factories, plantations, and with the distribution of goods.

The National Agricultural Research and Extension Institute (NAREI), can continue their work by finding ways in which crops that cannot grow in our climate and soil type can be grow;, more research should be done into how we can better preserve items so they could have a longer and safer shelf life.

Climate change and its impacts: in villages that experience droughts, water tanks should be installed; connected to these tanks should be pipes that can run along the area to ensure that the plants are receiving water, water trucks can then be used to transport water from creeks/rivers to refill the tanks when necessary. Areas prone to floods, especially those that are affected by the constant overtopping of the Atlantic Ocean should seek to; 1) have better sea defences and a well-designed drainage plan or 2) relocate farther inland. The establishment of more household’s/community gardens and looking for innovative/climate-smart ways of growing crops. For example, cutting plastic bottles and planting crops in them. Teaching the general public, this can be done with ads on the television, and a website that can be accessed to provide training. Other systems will be in place for those who do not have access to such, and by encouraging them to go and grow local. Guyanese can also adopt new skills that can be innovative.

Guyana would be able to overcome this recession. Keep planting, keep buying local. This is embedded in the Guyanese way of life. There is no need to panic, as opportunities would be provided so that production will be done on a larger scale. We have been advancing as a society slowly but surely. I really want to see my Guyanese people prosper, each of us has a skill, a talent we can use. Agriculture and agro- processing will now be used to sustain our economy. We have the potential to once again become the food basket for not only the Caribbean, but for the world also.

Regards
Chelsea Pearson

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