Latest update November 23rd, 2024 1:00 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

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

Similar Articles

The Glenn Lall Show | November, 20th, 2024

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Diamond Mineral Water Indoor Hockey Festival returns for 19th edition

Diamond Mineral Water Indoor Hockey Festival returns for 19th edition

Nov 23, 2024

  Kaieteur Sports- The highly anticipated Diamond Mineral Water International Indoor Hockey Festival is set to ignite the National Gymnasium from November 28th to December 1st. This year’s...
Read More
Louis 97, Athanaze 90 give West Indies slight edge after day one

Louis 97, Athanaze 90 give West Indies slight...

Nov 23, 2024

Vladimir Woodroofe backs out of World Championships over unfair selection

Vladimir Woodroofe backs out of World...

Nov 23, 2024

Exciting Double-header bowls off today with finals looming

Exciting Double-header bowls off today with...

Nov 23, 2024

YMCA and Hard Knocks battle for Futsal supremacy in ExxonMobil Championship Final

YMCA and Hard Knocks battle for Futsal supremacy...

Nov 23, 2024

Sukhwa delighted to score most runs at GCB National T20 League

Sukhwa delighted to score most runs at GCB...

Nov 23, 2024

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]