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51% of businesses not confident in Guyana’s economy

Dec 21, 2009 News

Out of a total of 59 business entities in Guyana, 51 per cent of them are not confident about Guyana’s economic prospects. This is according to the Guyana Business Outlook Survey for 2010, which was done by Ram and Mc Rae.
The survey targeted a total of 59 business establishments that have operations in all the ten regions of Guyana.
The surveyed group was asked to state how confident they were that the economy would improve in 2010.
They revealed that the confidence level has fallen significantly in recent years.
None of the respondents were confident that the economy would have improved in 2009.
It was noted that in the 2009 survey, 60 per cent were not confident about the economy, but this time around, 51 per cent of the respondents are also not confident in the economy for 2010.
The survey also indicated that the sector with the highest level of confidence was Mining and Exploration with those in oil exploration being very confident.
This was followed by Manufacturing and Distribution/Retail. Least levels of confidence were expressed by Consultancy and Professional Services, Information Technology and Financial Services.
According to the survey, exporters expressed slightly more confidence than non – exporters but expressed less confidence than manufacturers.
Meanwhile, 14 per cent of the respondents also revealed that the economic conditions will be more favourable for privately owned businesses in 2010, while 17 per cent think that it will be less favourable. Additionally, 69 per cent expect no change.

(Fareeza Haniff)

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