NEW realities, especially since COVID-19 first registered in 2020, have forced a combination of responsive adjustments by Caribbean governments to New Norms, working harder and better and cooperating more than ever to grow their economies and care for people – and yielding better results at national and regional levels.

After the first two years of the current PPP/Civic administration led by President, Dr Irfaan Ali, Guyana, as one of the fastest oil-and-gas economies globally today, has spent more than ever, with better than ever results, while continuing to lead regional economic development and revival with phenomenal growth rates that help the Caribbean Community (CARICOM) post much-better performance figures on the global scale.
Reporting on Guyana’s overall financial and economic performance during the first six months of 2022, Finance Minister Dr Ashni Singh reported last week:
• Overall Gross Domestic Product (GDP) growth of 36.4 per cent, with the non-oil economy growing by 8.3 per cent; and real GDP growth now projected at 56 per cent overall by year’s-end and non-oil GDP growth at 9.6 per cent.
• Agriculture, Forestry and Fishing expanded by 10.9 per cent and is now expected to grow by 11.9 per cent.
• Mining and Quarrying grew by 64.6 per cent, with a revised 2022 forecast of 99.9 per cent;
• The Petroleum Sector expanded by an estimated 73.5 per cent (with 34.6 million barrels of oil produced);
• The bauxite industry grew by 31.9 per cent; and other Mining and Quarrying industries by 36.3 per cent;
• Service Industries expanded by 7.6 per cent, with overall 2022 growth rate now forecast at 6.3 per cent;
• Manufacturing contracted by 11.4 per cent in the first half of the year, but is now projected to grow by 7.5 per cent by year’s end;
• Construction grew by 20.4 per cent.
• Balance of Payments recorded a US$100 million deficit, with receipts expanded by US$2,330.2 million, outweighing the US$506.6 million increase in imports;
• Credit to the private sector rose by 7.5 per cent to $308.3 billion;
• Excise Tax on Petroleum was reduced from 20 per cent to 10 per cent when this year’s budget was presented and reduced to zero in March;
• $1 billion went to purchase and distribute fertiliser to farmers across the country,
• $800 million went to provide cash grants to households in hinterland and riverine communities (plus several other similar interventions);
• The Natural Resources Fund (NRF) received US$307 million from its share of profit from oil, plus US$37.1 million in royalties, with a cumulative balance, including interest, of US$753.3 million — after withdrawing US$200 million in May; and
• Government anticipates 13 lifts from oil profits for 2022 and (subject to the evolution of world market oil prices) now projects US$1.1 billion from profits from oil sales and US$147.7 million in royalties.
But Guyana is not alone, as Saint Lucia is also leading fellow Organisation of Eastern Caribbean States (OECS) and regional Small Island Developing States (SIDS) – including Barbados — in growth registered and projected for 2022.

Under the current Saint Lucia Labour Party (SLP) administration led by Prime Minister Philip J. Pierre, Saint Lucia, the small Eastern Caribbean island traditionally heavily dependent on tourism, agriculture and manufacturing — and also under a new administration for the past year, likewise posted good results after the first 12 months of 2022.
The Economic Commission for Latin America and the Caribbean (ECLAC) is projecting the island’s economy will register the highest GDP growth among Eastern Caribbean Currency Union [ECCU] member states in 2022.
The OECS comprises Antigua & Barbuda, Dominica, Grenada, Saint Lucia, St. Kitts and Nevis, St. Vincent & The Grenadines, as well as non-independent British-controlled territories Anguilla, Bermuda, British Virgin Islands (BVI), Cayman Islands, Montserrat, and the Turks & Caicos Islands.
The ECCU unites the OECS member states, which all use the Eastern Caribbean (EC) dollar (U$ 1 = EC $2.71).]
ECLAC’s latest annual report, Economic Survey of Latin America and the Caribbean 2022: Trends and Challenges of Investing for a Sustainable and Inclusive Recovery, says Saint Lucia’s accelerated GDP growth trajectory is for eight per cent.

The island’s figures also read well:
• Government has approved new hotel and tourism developments worth EC $320 million;
• The quarterly Labour Force survey conducted by the Central Statistical Office (CSO) for January to March 2022 estimated the national unemployment rate stood at 16.1 per cent (after consistently remaining above 20 per cent for more than the past six years);
• 59 per cent of businesses reported (through a Chamber of Commerce survey) that they “made more money” between January and March, compared to the same period last year, 83 per cent retained and/or added more jobs during the first quarter and 59 per cent forecast increased revenue for the second quarter (April to June);
• 71 per cent of businesses forecast increased profitability over the next 12 months, 66 per cent forecast increased turnover over the next year, 71 per cent forecast an increase in business profitability over the same period — and 29 per cent reported worsened cash flow relative to the previous quarter.
• The CSO estimated the island’s Labour Force for the period January to March 2022 at approximately 104,262 workers – with over 83 per cent employed during the first quarter.
Prime Minister Pierre also hopes the implementation of targeted fiscal policies, in concert with the rollout of plans by the Ministry for The Youth Economy (which he heads as Minister for Finance and Economic Development), will create a vibrant and more conducive economic space that encourages private-sector expansion and decisively addresses youth unemployment.
Guyana is showing the benefits of prudent handling of the nation’s financial, economic and natural resources, while paying equal attention to development of human resources with clear visions in mind today as to where it wants to be tomorrow — and next year.

Today’s new global norms have seen Caribbean governments cooperating in areas such as Food Security, Agriculture, Energy, Health, Trade, Tourism, etc., while shielding populations from the bundled burdens of combined Climate Change and Supply Chain problems, cost effects of the Ukraine war — and an impending new global conflict over Taiwan.
But Guyana and Saint Lucia are showing that CARICOM is quite aware of the dangers at hand — and the eternal wisdom behind the ageless proverb: Where there’s a will, there’s a way.