[www.inewsguyana.com] – “It is significant that 2014 saw Guyana growing economically for the ninth successive year,” President Donald Ramotar said, as he delivered his final 2014 address to the nation. The Head of State noted that this is the longest period of continuous economic growth in the recent history of the country.
“It is even more noteworthy that this growth was achieved in the most testing of circumstances,” the President said, as he explained that in just the two-and-a-half years to mid-year 2014, the size of the economy increased by 25 percent to $650 billion.
Guyana has attracted more than US$629 million in foreign direct investment, while credit to the private sector has grown by 41.5 percent to $190.5 billion, and total deposits in the commercial banks by 22.1 percent to $334.6 billion.
These gains were achieved despite the fact that the international environment was not favourable for some of the important sectors of Guyana’s economy, he further noted. President Ramotar, a trained economist, gave several examples. “The price of gold, for instance, saw a notable fall on the international market that had, and is having an impact on our gold sector. The price for sugar on the world market also experienced a dramatic decline by some 60 percent. The rice industry has similarly been facing the challenges of market availability, unfavourable price movement, and late payments”.
The country’s continued growth in such circumstances, the president said, is testimony that Guyana’s economic base is now much broader. Good governance, he added, “continues to characterise our management of the economy”.
Guyana has averaged about 5% in GDP growth annually over the recent past and continues to attract investors, local and foreign, who view the country as a prime location to conduct business. [Extracted and modified from GINA]