–ECLAC projects 37.2 per cent economic growth for this year

GUYANA remains on course to recording double digit Gross Domestic Product (GDP) growth by the end of this year, as the country continues to be resilient against global and regional challenges, and chart its own path with strategic policies and measures implemented by the government.

The Economic Commission for Latin America and the Caribbean (ECLAC), in its latest report, projected 37.2 per cent economic growth for this year. This is the case while other regions are still recovering from the COVID-19 pandemic and recording low economic growth.

The International Monetary Fund (IMF) had reported too that Guyana is on course to record economic growth of 37.2 per cent by the end of this year.

Driven by prudent fiscal management and growing sectors, including the burgeoning oil and gas sector, Guyana is on course to record significant economic growth and to persevere through global and domestic challenges.

The IMF in its latest publication, the World Economic Outlook: A rocky recovery, reported that real Gross Domestic Product (GDP) growth could be even higher next year, reaching 45.3 per cent.

Recently, the World Bank projected 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.

The international financial institution in its latest report on Latin America and the Caribbean – “The Promise of Integration Opportunities in a Changing Global Economy,” related: “The Latin America and the Caribbean (LAC) region has proved to be relatively resilient in the face of increased debt stress, stubborn inflation, and uncertainty arising from the Russian invasion of Ukraine.

“Income and employment have largely recovered from the pandemic, poverty has receded, and markets remain guardedly optimistic about the near future. However, headwinds have picked up, and the 2023 outlook is substantially bleaker than 2022.”

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.

Despite the global situation, based on its economic performance over the past two years, Guyana has a solid foundation upon which to continue broadening its horizons and advancing significantly, especially in the medium term.

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.