GCCI survey reveals shrinking business performance, muted optimism for the economy and persisting corruption

[www.inewsguyana.com] – The Georgetown Chamber of Commerce and Industry’s (GCCI) 2014 Attitudinal Survey has revealed that there was shrinking business performance in 2013 and muted optimism for the economy in 2014.

The findings of the study which is conducted annually to assess members’ views and opinions on a wide range of issues relating to their businesses and the economy was released on Wednesday (March 12) by the GCCI.

President of the Chamber Clinton Urling said 75% of the respondents reported a profit position in 2013 with 25% reporting losses.

Urling added that business optimism is down for 2014 with only 53% indicating hopefulness for increased revenues compared to 71% last year. Meanwhile 38% of the respondents expect revenues to remain stable during this year.

“Cost remains a significant concern to our members with 78% reporting increased costs in 2013 and 91% expecting costs to continue their increase. We also gauged member views about private and public institution they would like to see established or improved, where applicable. The Guyana Police Force topped the list with 72% of respondents believing its operations should be improved” Urling added.

This was followed by the city councils and municipalities with 62%, parliament 50%, establishment of the Public Procurement Commission 47%, Go-Invest 43% and University of Guyana 42%.

In addition, perceptions of public corruption persisted as in 2013 with 70% believing that corruption is still high, while 28% held a neutral position on the issue. According to Urling 89% percent believes that the government is not doing enough to curb corruption.

“We hope these survey responses serve as a sounding board to policymakers, representing the private sector’s thinking and suggesting ways to work with all stakeholders to craft appropriate policies and resource allocation for addressing these concerns” the GCCI Head said.