WE may be a small country in terms of geography and population size, but that should by no means limit us from thinking big. Indeed, despite our relatively small size, we have been making waves recently, thanks to our newly found oil riches which are projected to have a significant impact on our growth trajectory in the coming period.

According to Minister with responsibility for Finance, Dr. Ashni Singh, Guyana’s economy is projected to grow by 16.4 per cent this year, which is likely to more than double next year to around 46.5 per cent. These are nothing short of spectacular growth rates, especially when seen against the backdrop of a regional average of just around three per cent, due in part to the adverse impact of the COVD-19 pandemic.

The World Bank in its latest estimate noted that Guyana’s economy will maintain its positive growth trajectory over the next few years, largely due to the burgeoning oil and gas sector. Based on the World Bank’s latest estimates, the country is set to record economic growth of 20.9 per cent at the end of 2021, 20 per cent in 2022 and 23 per cent in 2023.

This is indeed good news. Of course, we cannot continue to enjoy growth rates along current levels for a sustained period due to an incrementally bigger economic baseline. In fact, growth is expected to taper off to just around three per cent by 2026 as the economy becomes more consolidated and oil revenues as a percentage of total revenues begin to get smaller.

The important point to note, however, is that the size of our economy is projected to get substantially bigger, which means that there will be a corresponding increase in the size of our national pie. As that pie gets bigger, our per capita income will also climb and there will be more money to spend, both as a country and at the individual level. Our disposable income will increase and our basket of goods and services will get bigger.

These are by no means unreasonable expectations. Already, social sector spending has seen significant increases, especially in the critical areas of health, education, water and housing. In addition, the PPP/C administration has increased disposable incomes by way of cash transfers, water and electricity subsidies to pensioners, increased old-age pensions and removal of value-added taxes on a wide array of consumer items among others.

The PPP/C administration has already restored a fair measure of confidence in the economy after five years of economic mismanagement by the previous APNU+AFC administration. Investor confidence is today at an all-time high. The construction industry is continuing to gain momentum, which is impacting positively in terms of jobs. Simply put, there is more money to spend and living conditions of the average Guyanese have improved significantly.

We have to continue to dream big. True enough, we may not be among the wealthiest countries in the world, but we are by no means among the poorest. We have successfully lifted our status from a low-income, highly indebted nation to middle-income status, thanks to prudent economic management under successive PPP/C administrations since the restoration of democratic rule on October 5, 1992. Our Gross Domestic Product and our per capita income have also increased significantly from the pre-1992 levels.

Even more important from the standpoint of our national psyche is the restoration of dignity and hope as a people. We may not be able to own our personal yachts, but there is no harm in us hoping someday to riding in one. In anticipation of such an eventuality, an Italian yacht- manufacturing company has opened its doors for business in Guyana. A recent release from NexGen Global Marketing Services Inc. said that Azimut launched their sales division here in Guyana at the Pegasus Hotel on Saturday last; yet another show of confidence in our economy.

This is exciting news which augurs well for tourism in Guyana and for those Guyanese who may wish to experience a new form of recreation in Guyana.