Gear for increased economic growth – AFC

Sep 24, 2016 News

Since the Government of Guyana announced some time ago that the National Economy is projected to grow by four percent at the end of this year, there has been much debate.
While many feel that this projection was a tad farfetched, the Alliance for Change (AFC) – one part of the Coalition Government – is urging that the public prepare itself for an increase in economic growth.
Making this assertion was an Executive of the Party, and Minister of Business Dominic Gaskin, at a press conference that was hosted at the Party’s Headquarters in Kitty, East Coast Demerara yesterday.
Gaskin told media operatives that the party is optimistic that the projected growth rate will be realised. He said that Guyana would have achieved a two percent growth rate during the first half of the year which is known to be the “slowest” period of the year and also, that the State would have achieved this at a time when the level of government spending had not taken a full grip.
The Executive said that despite the neighbouring countries including Brazil Trinidad and Suriname facing economic challenges, Guyana’s economy continues to expand – but at a slower rate.
Gaskin was quizzed why the claimed growth is not being reflected in the spending power of the people; he said that country is now emerging from a decline and it will take some time before this increase is reflected.
The decline that Gaskin spoke about was experienced some two years ago as a result of lower commodity prices that began with the gold sector; the decrease in gold prices and the rice sector caused the decline.
Gaskin reiterated that Guyana’s economy is stable despite the country’s neighbours experiencing economic issues. The reason for Guyana being in this position can be credited to the measures that were implemented in January during the National Budget presentations to curb the issues of money laundering, the narcotics trade and smuggling.

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