Bleak picture hides behind 4.1 percent growth rate –Jagdeo-Finance Minister says Opposition Leader’s claims are irrational

May 03, 2019 News

By Kiana Wilburg
On numerous occasions, Oppo

Opposition Leader, Bharrat Jagdeo

sition Leader, Bharrat Jagdeo, said that the economy is ailing. But the most recent report from the Ministry of Finance shows that the Gross Domestic Product (GDP) climbed to 4.1 percent, the highest growth rate in years.
In light of this development, Kaieteur News asked Jagdeo to say if he would recant his statements on the health of the economy or still maintain his position.
At his Church Street Office yesterday, Jagdeo said, “You see, I am not a cut and paste economist and I am not saying (Finance Minister, Winston) Jordan is. And secondly, I don’t manage for ratios because behind numbers are people.”
Jagdeo said that the government is gloating about the 4.1 percent growth rate and the fact that it collected some $88B more as indicators of success. He said however that when one examines where the growth is coming from, it is not from new investments but rather, those which were piloted under the PPP regime.
He said, too, that the test of wellbeing of a country is in the ability of the people to provide for themselves and their families. Jagdeo said that the Finance Minister never addresses the issues regarding the number of people who are losing jobs.

Finance Minister, Winston Jordan

He said, “Almost every sector is down…Some services and constructions have increased but look beyond the 4.1 percent and you will see massive job losses.”
When contacted by Kaieteur News last night to respond to Jagdeo’s statements, Minister Jordan said that the End of Year Outcome Report for 2018 is clear about the performance of the respective sectors.
The economist said, “We stand by it. (Jagdeo) cannot redefine economics or the indicators that measure the health of a country. When he was Finance Minister and President, it was the same set of ratios that were used to report on the health of the country. We report them religiously in the end of year statements, budget speeches etc…”
Jordan added, “If he is envious of the growth rate then I cannot do anything about it. He didn’t question the 4.1 percent figure but what he tried to do is to deflect the good performance of the economy by bringing in other issues.”
The Finance Minister then rubbished Jagdeo’s perspective that there is some bleak picture behind the growth rate. Jordan admitted that indeed, some sectors are down but others have improved.
Jordan said, “Only the likes of Jagdeo and his acolytes think this way…People are coming into the country and they are investing. Look at the clean construction that is taking place…
“In immature democracies like ours, we don’t want to give jack his jacket because it looks like you are giving the enemy kudos…”
He added, “In four years, Jagdeo never said one good thing about the economy and I cannot say that is his right because that cannot be a rational position for one to take.”

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