Latest update January 7th, 2025 4:10 AM
Latest News
Guyana weathered global downturn better than most C’bean jurisdictions – US Ambassador
United States Ambassador to Guyana, Perry Holloway has indicated that from his assessment, Guyana has
United States Ambassador, Perry Holloway
been able to deal with the effects of the global economic downturn better than most jurisdictions in the region.
During an interview with Kaieteur News, Ambassador Holloway highlighted the fact that Guyana is not unique in experiencing a sluggish economy.
“The entire world is dealing with a sluggish economy, and countries that depend on commodities that come out of the ground – like sugar, rice, bauxite, gold, diamond and petroleum, they have suffered more than other countries which are more diversified with more value added in their economy.”
However, despite the fact that Guyana is one country which depends on such commodities, Holloway said that it has “surprisingly” been coping well.
“Guyana has surprisingly weathered the recent global economic downturn better than most countries,” said Holloway.
The US envoy pointed out that Guyana has still been experiencing growth and is yet to fall victim to inflation. In this regard, Holloway made reference to a United Nations report that pointed out that Venezuela is going to have 700 percent inflation. The Ambassador said that that is an “ungodly number”, but Guyana has not gone down that road.
He said too that Guyana, because of the petroleum that is going to come out the ground in few years, is poised to be even better off in economic terms.
Holloway told Kaieteur News that no US company has been deterred from investing in Guyana as a result of the current economic downturn as he reiterated, “Guyana is better off than many countries in the Region.”
Instead of worries about the economy, Ambassador Holloway indicated that investors are more often concerned about the small market.
He said too that Guyana’s infrastructure is often not ideal “to do the type of investment they often want to do.”
Other concerns are that the electricity cost is the highest in the Region and “that the processes to open a business and record profits take a lot longer than many investors would like to see.
However, Holloway said that the latter concern is one that he knows is currently being addressed.
“I know the government is working on that and I am sure that this year they will probably get the number lower. (Abena Rockcliffe)
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Boxing should be banned
Peeping Tom… Kaieteur News- Olympic boxing now finds itself as at a crossroads. A recent report in the Kaieteur News... more
Forget Begging Rich Nations: Caribbean Countries Should Act to Save Themselves
By Sir Ronald Sanders Kaieteur News- It has long been evident that the world’s richest nations, especially those responsible... more
Weekend Cartoon
