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Economy will rebound through industries
– Minister Gaskin
Minister of Business, Dominic Gaskin, on Thursday sought to assure stakeholders that despite the challenges that Guyana’s business community has faced over the year, the economy would recover with renewed vigor.
Gaskin also compared Guyana to other countries that ran into similar economic trouble, including Malaysia, but used its resources to recover its footing and become economically viable.
Gaskin made these comments at the Georgetown Chamber of Commerce and Industry (GCCI). The Chambers is one of the oldest private sector groups in Guyana.
He noted that there was a global drop in commodity prices, as well as a slowdown in cash circulation within Guyana’s local economy, a fact that has drawn much attention from stakeholders and the political opposition.
Gaskin also noted that some of these sectors recording a decline were the mining and quarrying sectors, as well as the energy and agriculture sectors.
“In a nutshell we need to keep increasing the amount of money entering the economy if we want to keep it going,” Gaskin said. “There isn’t anything we can do to influence global commodity prices…Nothing that any government can do to develop our economy will be good in the long term unless the private sector and public sector has a clear understanding of what our priorities are.”
A section of the gathering at the annual dinner
Against this backdrop, Gaskin noted that many major developmental projects might be included in the upcoming 2016 budget.
“The concept is simple – besides creating work and putting money into the economy what is being developed is a national transportation network,” he said, pointing to the Parika to Goshen and the Lethem to Georgetown road plans.
He expressed confidence that Guyana will become the “economic tiger” that many have predicted it would become.
GCCI President, Lance Hinds, provided support to the Minister’s position, noting that Guyana’s private sector should prepare itself to provide the services that will be required in Guyana’s future as an oil producing country.
“Guyana has the potential to benefit significantly from what appears to be a large deposit of oil,” he said. “As stakeholders we have a responsibility to ensure that this promise of a bright future becomes a reality,” said Hinds
Hinds also said that Government and the private sector would have to cooperate to ensure that the correct policies are implemented.
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