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BOG remains optimistic about Guyana’s economic growth

Jun 27, 2017 News

Despite the fact that the global economic growth is projected at 3.5 percent, Bank of Guyana is still optimistic that Guyana’s economy will grow by 3.8 percent.
Bank of Guyana’s outlook for the end of December, as reflected in its Quarterly Report and Statistical Bulletin, noted that the global economic growth is projected at 3.5 percent, with cyclical recovery in investment, manufacturing and trade.
It said that stronger activity along with more robust global demand would help commodity prices recover from their low level. Economic performance in both developed and developing countries are expected to be robust during the year.
“The Latin America and Caribbean Region are expecting positive growth of 1.1 percent. Higher commodity prices will help headline inflation and reduce deflationary pressures. Accommodative monetary policy will continue in the Euro Area, however, a faster-than-expected pace of interest hikes in the US could tighten financial conditions and cause an appreciation of the US dollar that will impact negatively on emerging economies.”
Notwithstanding that, Bank of Guyana said that the country’s economy is projected to expand by 3.8 percent at the end of 2017.
The Bank said that the mining, agricultural, and to some extent the services sectors, are expected to contribute a significant portion to real output and household income. Further, it said that the rate of inflation is targeted at 2.5 percent for 2017, owing to anticipated increases in fuel and some non-fuel commodity prices.
The overall balance of payments is budgeted to record a surplus of US$19.9 million at the end of 2017 due to a capital account surplus despite a current account deficit.
The report stated that “capital account surplus will result from flows to the public sector through bilateral and multilateral agencies, and to the private sector through foreign direct investments and capital transfers. The current account deficit is expected to expand, stemming from a higher merchandise and services import bill. Notwithstanding, gross international reserves of the Bank of Guyana are projected to increase at the end of 2017.”

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