Georgetown :A United Nations Economic Commission for Latin America and the Caribbean (ECLAC) report states that Guyana earned 294 million US dollar through Foreign Direct Investments (FDI) in 2012.
The report released on Tuesday says this represents a 19 per cent increase from the previous year’s 247 million US dollar.
The Guyana Office for Investment (GO-Invest) reported that total FDI increased by 17.2 percent, from 164.4 million US dollars in 2009 to 198 million dollars in 2010.
The agriculture, forestry and fishing sectors benefited from a 12.8% increase in FDI in 2010; the energy sector grew by 36.9%; mining and quarrying by 34.2%; manufacturing by 49.7%, and tourism and hospitality by 21.9%.
With a deliberate policy position to liberalise the economy, Guyana has enjoyed sustained exchange rate stability, constantly low inflation rates, interest rates that have influenced an exponential increase in commercial lending, a manageable debt to Gross Domestic Product (GDP) ratio, and healthy international reserves.
Government says with seven consecutive years of growth and a prediction by the International Monetary Fund (IMF) of a similar trend for this year and 2014, is and should come as good news for every Guyanese.
Growth is predicted by the IMF at 5.5 percent for this year, and six percent for 2014 in an economy that is considered the “shining star of the Caribbean” and has influenced significant private sector growth.
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