Guyana experienced economic growth in 2014 despite serious challenges – President Ramotar

2
President Donald Ramotar.
President Donald Ramotar.

[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] 

2 COMMENTS

  1. THE PPP Government (Guyana) has shown economic growth for the last/past nine
    ( 9 ) consecutive years. Whether the haters of Guyana like it or not Guyana has been doing well under the PPP. Can the PNC boast/brag of anything close to that?
    Definitely NO!! WHY ? Because the PPP is all about building, especially when it comes to human resource. When the PNC was in power they were getting rid (killing) of bright minds and their oppositions, even if a priest look like an opposition, eg. Father Drake.
    Granger, Greenidge, and Green, will go to hell as soon as they die for their participation in the murder of the Christian Priest Drake, on the faithful day of July 14th 1979. When they send their PNC terrorists from “HOUSE OF ISRAEL” to attack and kill Rupert Roopnarine, and other WPA followers. The priest was only taking pictures of the picketers when the murders attacked him and beat him with staves, and one of them stab him with a bayonet, puncturing his lungs in broad day light.
    Subsequently five of the terrorists was arrested and charge. Later on in 1982 Justice Pompey, sentenced Bilal Ato to eight years in prison for the priest murder.
    Let’s not forget that in the same year of 1979 18 of November the then Prime Minister instruct the police to shoot and killed our brother Ohene Koama, because he was a known opposition.

    Edward Dublin, My black brother was also shot and killed by the PNC on February 25, 1980. While a journalist, Mike James almost die of the attacks. A JOURNALIST? Yes a journalist!! Do you want to know more about the PNC developments ? Or PNC achievements ?

  2. The opposition commentators should take note that despite the challenges the PPP steared guyana through another successfully year with economic growth.

LEAVE A REPLY

This site uses Akismet to reduce spam. Learn how your comment data is processed.