WHILE clearing the fog of misinformation, Vice President, Dr Bharrat Jagdeo, has made it clear that the growth in Gross Domestic Product (GDP) is not correlated to the distribution of income and one must analyse the growth in revenue to understand how far the country has progressed.

While speaking at a press conference of the ruling People’s Progressive Party/Civic on Thursday last at Freedom House, he said, “I pointed out that growth in GDP; it’s not that direct link or directly correlated to distribution of income. And secondly, you don’t look at growth in GDP…you have to look at growth in overall revenue.”

The World Bank’s “Global Economic Prospects” report forecasts remarkable growth for Guyana, with the economy expected to significantly outperform its Caribbean counterparts.
The forecast predicts an astounding 38.2 per cent growth in 2024 and 15.2 per cent in 2025 for Guyana, the highest in the Caribbean.

This growth is underpinned by burgeoning oil production, anticipated to reach around 550,000 barrels per day with the Payara field’s operation.

Moreover, sectors like agriculture and construction are expected to bolster non-oil GDP growth, with the IMF previously estimating a 38.4 per cent GDP growth in 2023 and non-oil real GDP growth exceeding nine per cent.

Looking ahead, Guyana is poised for a robust growth trajectory, driven by private investments in oil, gas, and service industries, and substantial public capital spending, primarily funded by oil revenue transfers.

The IMF projects that the economy will double by 2028, with sustained non-oil GDP growth at 5.5 per cent as the government continues addressing developmental needs.
According to Dr Jagdeo, if one mirrors the growth of teachers’ wages and compares it to the growth in revenue, then one will see how high it is as a share of revenue.

Additionally, President Dr. Irfaan Ali has advised Guyanese to stay the course, as the government is working to ensure that everyone lives a better quality of life.

“Everybody believes that all the resources are available now. In 2027, then is when the real growth in revenue coming in would be seen in the country. And I said to our teachers, our nurses our public servants, and I say to them now again that we are committed to giving you the best life possible,” the Head of State remarked during a live broadcast, last Sunday.

While stressing that patience is key, Dr. Ali assured public servants that the PPP/C administration is pursuing policies and strategies to provide the best welfare package to the country’s valued workers.

He remarked, “But I assure them even today that this government will ensure that the total package is the best welfare package they can have in this region as time progressed. You don’t need to down tools because you are pushing up open doors. We are committed to this, but you have to have patience.”

The President said measures to improve the lives of all Guyanese will continue “even before the end of this year.”

Dr. Ali related, “We build systems that empower people, uplift your standards, and give you a better shot at life. That is why we are investing in your education, healthcare, giving everyone an opportunity to earn a degree.”

IMPROVING LIVES
President Ali, in the broadcast, said that the government has already announced a series of measures to improve the lives of teachers, nurses and other public servants, and by the end of the year, much more investments will be announced, making educators the “prime beneficiaries of the development and advancement” of Guyana.

According to the President, in September 2020, the government invested $700 million to correct the scales used to calculate teachers’ salaries and increases.

Additionally, an allowance of $10,000 was provided to all teachers with a university degree.

“Not only are we giving this allowance to trained teachers and trained graduates, but we are making the opportunities to teachers available in their school to earn that degree through the GOAL scholarship programme, through Online teachers training programmes, through the associate degree programme,” President Ali said.

“Every teacher in the system now has a free opportunity. The government is investing on their behalf so they can upgrade their skills,” he added.

In addition to this, the government is giving $6,000 to every teacher with a post- graduate diploma and has granted a $20,000 allowance to all teachers with a master’s degree.
Meanwhile, an allowance of $30,000 for educators with a doctoral degree was also granted.

“All of these allowances are not just granted in an environment in which there is no opportunity to achieve all of these degrees and added qualifications.”

Other incentives to support educators who work and live in remote areas were increased by 100 per cent, moving from $9,000 to $20,000 per month.

Dr Ali said: “We went further; we had a provision of more than 3,800 scholarships to teachers…to qualify themselves and earn a higher salary. We are incentivising the system, giving teachers an opportunity to empower themselves, while at the same time incentivising them to do better for themselves, incentivising them to do better for the teaching system.”