–Dr. Jagdeo affirms; says Maduro has no right to tell people of Guyana how to pursue its affairs

MAINTAINING that Guyana has the right to pursue development in every inch of its territory, Vice-President Dr Bharrat Jagdeo says the evolution of the nation’s economy will not stop.
“If we pause any of our development, Maduro succeeds. Maduro has no right in international law to tell the people of Guyana, [a] sovereign country, how to pursue its affairs. And that is why we are forging ahead with our development in all 83,000 square miles,” he said, during a press conference at the Office of the President on Thursday.

Dr. Jagdeo further said that his government will not become “paralysed” and fall prey to the Bolivarian Republic’s tactics.
He affirmed that attention will not be diverted from what his government was elected to do, which is bettering the lives of all Guyanese.
The Vice-President also called out opportunists who are aiming to stymie Guyana’s growth with frivolous claims.
He then referenced the International Monetary Fund (IMF)’s 2023 Article IV Consultation report, which was published on Monday.

The IMF report commended the Government of Guyana for its economic management, including the implementation of policies and initiatives geared at transforming Guyana’s economy.
“We’re focused on the economy; we’re not taking our eyes off of the economy,” the Vice-President firmly said.
The findings were published following an official visit by an IMF mission to Guyana in September. The IMF, in its findings, highlighted that Guyana’s real GDP is expected to continue its rapid growth. Guyana achieved the highest real GDP growth in the world in 2022 – 62.3 per cent.

The Guyanese economy has tripled in size since the start of oil extraction (end-2019), from one of the lowest GDP per capita in Latin America and the Caribbean in the early ‘90s.
It is estimated that Guyana’s economy could record a 38.4 per cent real GDP growth this year, and grow another 26.6 per cent in 2024.

Oil production is growing, with a third oil field, Payara, coming online, and growth in the non-oil sector is supported by the implementation of a fast-paced public investment programme focused on providing transportation, housing, and flood management infrastructure, and raising human capital. Moreover, spinoffs from oil and construction are supporting growth in the services and supplies sectors.

Meanwhile, in relation to inflationary pressures, the IMF noted that the government introduced a suite of measures in 2022 and 2023, which have contributed to a decline in the inflation rate in 2023.
Guyana is poised for continued rapid expansion, with on average growth of 20 per cent per year during 2024-2028. The IMF projects that non-oil GDP growth will be sustained at 5.5 per cent, as the government continues its plans to address the country’s developmental needs.