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Guyana has highest percentage of annual real GDP Growth in CARICOM – UNDP Report
The Caribbean Human Development Report (CHDR) 2016 published for the United Nations Development Programme (UNDP) has ranked Guyana as having the highest percentage average of annual real GDP growth
Finance Minister Winston Jordan receiving the CHDR 2016 Report from Mikiko Tanaka UN Resident Coordinator in the company of Kenroy Roach, UNDP Regional Advisor (at extreme left) and Dr. Barbara Reynolds, Deputy Vice-Chancellor, UG (at extreme right)
as of 2015.
The report was launched yesterday at the University of Guyana by United Nations representatives in the presence of stakeholders and Ministers of Government.
Presenting the findings of the CHDR report was Kenroy Roach, Regional Advisor, UNDP. The report stated that Guyana enjoyed a 4.5 per cent average annual real GDP growth from 2011 to 2015. Ranking behind Guyana are St. Kitts with 3.3 per cent and Haiti also with 3.3 per cent annual growth.
The UNDP which works closely with the International Monetary Fund has reported the IMF has projected that all CARICOM countries except Suriname and Trinidad and Tobago will experience positive economic growth in 2016.
According to Roach, in relation to economic growth the UNDP look at some of the enablers of economic growth. He suggested that Caribbean states need to address what are the underlying issues to improve regional competitiveness. In doing this, Roach said that countries will be able to unlock their true potential.
He said that some of these underlying issues are human capital, the environment, information technology and energy. Roach said that energy relates to diversification of the sector in relation to breaking the reliance on fossil fuels and bringing more renewable energy into the energy mix.
Also, Roach said that countries need to begin identifying what are some of the bottlenecks that need to be removed both in the public and private sectors to improve and unleash the potential which exists.
He said that sluggish economic growth in Caribbean countries is a clear impediment to multidimensional progress. The UNDP is of the view that there needs to be a symbiotic approach to achieving economic growth.
This entails coordination and making deliberate policies to focus on the most vulnerable issues. He said that movements towards economic growth would serve better if the initiatives are essentially interdependent.
Roach said that policy makers need to engage the grassroots so that policies can be tailored to address specific issues affecting a wide cross-section of stakeholders.
The report highlighted some of the major sectors on which CARICOM states need to place emphasis in order to have some competitive advantages. These are tourism, cultural services, agriculture and forestry, and a blue economy.
The information and communication technology sector is viewed both as an enabler of economic growth and as an economic sector. Other enablers for economic growth have been identified as social stability and security, finance and entrepreneurship and institutional efficiency.
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‘The report stated that Guyana enjoyed a 4.5 per cent average annual real GDP growth from 2011 to 2015.’
1. These figures were not stated before.
2. As a reminder, this period was not under the Alliance Government