The detrimental impact of the global financial crisis

Jul 17, 2009 Letters

Dear Editor,
Countries worldwide are feeling the detrimental impact of the global financial crisis.
Today, this Global Financial Crisis has caused thousands of job losses and diminished the value of qualifications and physical capacity to work; highly qualified persons are forced to work for whatever minimum wage paying jobs are available, just to make ends meet.
Food prices have soared internationally and the demand for food has increased because of climate change. Foreign Direct Investments have decreased and the developed world and international organisations are reluctant to lend loans. Food prices are increasing worldwide, but the salaries of people are not causing many to feel the pressures of poverty.
At the end of 2009, the world economy is expected to shrink by 2.9% as result of international instability caused by the Global Financial Crisis. Policy makers now have to formulate policies so as to cushion the impact of the financial crisis; and countries must ensure that their resources are strategically channeled so as to fuel the continuation of growth and development within their economies.
The cries of people worldwide continue to escalate, as those who once enjoyed the luxuries of life shift toward the poverty line.
Guyana is lucky not to experience such a great impact by the financial crisis as experienced by other countries. Despite Guyana’s achievement of a sound macroeconomic environment, many persons continue to cry out of discontentment, often driven by the fulcrum to achieve a selfish political agenda. It is important, that we realise that a sound macroeconomic environment is a stepping stone for further achievements, and so we must be proud of this accomplishment.
The proper implementation of sound macroeconomic and structural policies was no easy task. Guyana was coerced to structure its economy to improve Governance, improve its health care programmes, enhance its education sector, implement key policy measures and reforms and establish a working poverty reduction strategy paper. The execution of these plans was carefully monitored by the international community and Guyana benefited from faster debt relief.
This debt relief in turn led Guyana towards achieving financial viability and so money that was once used for debt repayment was channeled towards the enhancement of the social sectors.
Even though some people may refuse to acknowledge Guyana’s economic achievement, the truth remains a fact, and Guyana will continue to progress.
Elizabeth Daly

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