THE careful management of the economy by the People’s Progressive Party/Civic (PPP/C) has not only lifted Guyana out of a worrying state created by the APNU+AFC from 2015-2020, but it has now set the country on a path to immense prosperity and consistent development.

This is evidenced by successive reports produced by the World Bank, International Monetary Fund (IMF), Inter-American Development Bank (IDB) and other international financial institutions and United Nations (UN) organisations.

In its latest publication, the World Economic Outlook: A rocky recovery, the IMF reported that Guyana is on course to record economic growth of 37.2 per cent by the end of this year, and achieve an even higher level of real gross domestic product growth in 2024.

The World Bank also projected recently that this year is going to be “substantially bleaker” for the Latin American and Caribbean region than it was last year, but Guyana is yet again expected to stand out among its counterparts with economic growth projected to hover above 20 per cent over the next three years.

Guyana is the only country on course to record double-digit growth this year and in the near future. The country, according to the World Bank, is set to record real gross domestic product (GDP) growth of 25.2 per cent this year, 21.2 per cent next year and 28.2 per cent in 2025.

Although GDP growth is not the sole indicator of a country’s advancement, it is a noteworthy sign that there are continuous investments and increasing output in a nation’s economy.

As the revenue stream of the government expands, more resources will be available for national development and also to enhance the quality of life of the Guyanese people. Investment in the productive sector is key to realising an enhanced revenue stream.

The PPP/C administration must be commended for creating a supportive and enabling investment climate while at the same time ensuring that the environmental standards are not compromised.

Like any investment, there will always be some element of risk but risk-taking is part of the investment culture. It is the extent to which the benefits and opportunities outweigh the potential for risks that is the decisive factor.

Guyana is already making waves at the regional and international levels as an attractive place for investment.

President, Dr Irfaan Ali, early this year said the government’s targeted expansion of the other economic sectors, and diversifying of the economic pillar is showing direct results due to the policy formulation and measures that have been implemented.

“If you look at what is happening in different sectors, we see that there is renewed energy. There is renewed optimism; renewed investment in the manufacturing and constructive sectors, extractive sector, productive sector, agriculture, agriculture processing,” the Head of State said.

He added: “The last two years was really spent on rebuilding the architecture and framework that supports the upliftment and development of these sectors. In the coming years, we’ll see, in a greater sense, the impact of the investments we are making in different sectors.”

The government was able to reduce the impact of inflation, the cost of living and food crises and keep prices relatively stable. And based on the direction of the country, there is no doubt that there will continue to be stability and consistent development.