Georgetown: “This story (of economic improvement) has been replicated everywhere in thousands of Guyanese homes….(There are) people who are acquiring education, getting jobs, accumulating savings, becoming a home owner, buying their own means of transportation, growing their small businesses, accessing loans… It is a story that represents improvement.” Finance Minister Dr. Ashni Singh said.
He maintains that the story of Guyana’s economic progress over the last eight years has been replicated in the successes of individual Guyanese persons across the country.
He noted, however, that this reality requires a conducive environment in which it can be fostered, and real and sustained effort at individual and national levels.
“We recognize how inextricably linked economic growth is to the well-being of our people. An economy that is growing is an economy that is creating jobs, an economy that is improving income and improving lives. We are working hard to ensure a policy framework for sustained economic growth,” the minister said.
In the last two years, he said, Guyana has seen not only growth in the Gross Domestic Product (GDP), but growth in all the correlating factors of economic growth.
“We see strong foreign direct investment, we see a strong private sector, and we see all of our other key macroeconomic fundamentals remaining on a favourable trajectory…all pointing to growth,” he said.
Dr Singh said this achievement has, by no stretch of the imagination, been “accidental”.
He said: “There is no doubt in my mind (that) if one were to make an analysis of the economic performance of the last two years, the inescapable conclusion of that analysis (would be) that our economy has performed outstandingly.
“Looking at recent economic performance in the Caribbean region, there can be no doubt at all that the achievement of real growth in our GDP of a five per cent — not only in the last two years, but in the last eight years — has been an absolutely outstanding achievement.”
He reiterated his confidence that the circumstances of the people of Guyana have been improving steadily. Dr Singh said: “Guyana has emerged as the envy (of the Caribbean region) in the areas of housing and ownership…. No one in Guyana can dispute that over 100,000 lots have been distributed…. Every year, another 5000 or 6000 (persons) are becoming owners of property, and their lives are improving.
“If you look at the story of jobs being created, we realize the investor confidence…. It has taken us a long time to regain investor confidence, and we are at a point where investor confidence is at the highest it has ever been, political circumstances notwithstanding.”
He lauded the contribution of the private sector and other stakeholders working within the environment that Government is working to strengthen and improve to foster greater economic successes.
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