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A flawed Economic Freedom report

May 12, 2010 Letters

Dear Editor,
The authors of the Heritage Foundation/Wall Street Journal Economic Freedom report on the state of Guyana’s economy are ones to talk.  The U.S economy has taken a severe hit over the past two years and is only now showing glimmers of a recovery that is still far off in the future.
Their supposed economic freedom has left the country and the international financial scene in an uproar, while Guyana’s economy remained stable during the financial meltdown and was lauded for its performance during the financial crisis by the International Monetary Fund.
If to remain stable means we have to score low on the exalted economic index of the United States then I suggest we continue to invest in our people and in the health and education of our country in the way that we currently do.
I agree with President Jagdeo’s assessment that despite these figures, 48.4, Guyana continues to attract outside investment and the country should not be managed according to indices that are put out by people who are worlds away from Guyana.
The US economy with its much vaunted economic freedom went spiralling into chaos, many people lost homes, businesses closed and the international lending agencies are still in a pickle.
They will now have to institute many of the Wall Street Journal’s much criticized strictures of economic freedom for the recovery of their economy.  Many aggressive regulations will have to be put in place on the business and financial activity.
I would suppose that with the many regulations that will have to be put in place for a full recovery of the American economy, the country is sure to be knocked from its lofty position of  78 on the Wall Street Journal’s Economic Freedom Index.
Anna Goodridge

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