THE economist Walt Whitman Rostow is famous for “his stages of economic growth” model.  According to Rostow, economic growth occurs in five stages, namely, the traditional stage; the pre-conditions for take-off; the take-off; the drive to maturity and finally the age of high mass consumption. And while not all societies evolve along the growth model as posited by Rostow, there are some similarities in the case of Guyana which from all indications, has now reached an advanced stage of economic take-off.

This economic take-off is to a large extent fuelled by our newly found oil-and-gas resources, but there are other key variables that are also responsible for this surge in development. A lot has to do with the changing perception by investors, especially foreign investors that Guyana is a good place to do business. Investor confidence has never been higher, and this is due to the investor-friendly environment being created by the PPP/C administration.

Only recently, the country hosted a delegation comprising members of the business communities from the United States. Leaders from across Louisiana and other parts of the United States visited the country to explore business opportunities.

At a reception in honour of the visiting delegation at the US Ambassador’s residence, President, Dr Irfaan Ali encouraged the visitors to “not only go after the big opportunities but to also consider small and medium-sized investments that could result in lucrative benefits.”

The team was led by the US Embassy and the Louisiana District Export Council (LDEC) and comprised economic developers, industrial-training experts, Louisiana state officials as well as US government officials.

Of no less significance from a development perspective is the continuing economic and financial assistance offered by the British Government to Guyana. Senior Minister of Finance Dr Ashni Singh also participated in a recent Roundtable Meeting with a British Trade Mission to Guyana to discuss ways to increase trade and investment between Britain and Guyana.
As indicated by Dr Singh, as a result of ramped-up oil production, Guyana is now the fastest- growing economy in the world, with a projected 50 per cent growth for 2022 and a medium-term average annual growth projected at 25 per cent.

According to the minister, Guyana is considered as the premier investment destination in the world, attractive for investment in the oil-and-gas sector, infrastructure and related support services. There is also the potential for investment and expansion in the non-oil extractives such as gold, bauxite, agriculture, tourism and hospitality, ICT and energy.

And to further ramp up investment opportunities, Vice-President, Dr Bharrat Jagdeo and a team of senior government officials visited the United Arab Emirates, where general matters of cooperation and investment were discussed with His Highness Sheik Ahmed Dalmook Al Maktoum. Other high-level meetings were held with Dubai Ports and the Dhabi National Oil Company on areas of mutual interest and cooperation.

The PPP/C administration is hard at work to transform Guyana to a modern economy. And even though we may not have reached the highest level of economic maturity characterised by high mass consumption as adumbrated by the economist Rostow, there can be no doubt that the country is progressing to higher levels of modernisation. What Guyana is experiencing in effect is something of an economic miracle which will see the country catapulted to unprecedented levels of growth and prosperity.

This is what visionary leadership is all about. It is about the strategic repositioning of the country to take advantage of new opportunities, in order to enhance the quality of life of the Guyanese people.