“It will take time” – PSC Chairman on economic recovery

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By Jomo Paul

Chairman of the PSC, Norman McLean
Chairman of the PSC, Norman McLean

[www.inewsguyana.com] – Chairman of the Private Sector Commission (PSC), Norman McLean says that while Guyana has embarked on a path to economic recovery, citizens must understand that it will all take time.

McLean, in an invited comment on Sunday, explained that there is need for more injection of capital into the economy, but says even when that is done it will take time as there is a global recession.

“In terms of the economy I think we have to do a little more injection and we need to see some improvements…remember that the world economy is in trouble and this is impacting on some of the things that we in Guyana produce,” McLean stated.

He told iNews that for Guyana to compete on the global market, it must lower its production costs for items such as gold, sugar and rice – which are all major export earners.

“Gold bauxite sugar rice – all these commodities are facing difficulties in the global economy. Guyana has to produce at a much cheaper rate so we have to look at how we can get that done,” he noted.

He went on to indicate that the days are still early and “it will take time.”

In Guyana, the mining and quarrying sector represents a critical component of the economy; accounting for 50 per cent of exports. The substantial increase in the price of gold over the last few years had given rise to increased declarations and exports.

Much of Guyana’s growth in recent years had come from a surge in gold production in response to then skyrocketing global prices.

7 COMMENTS

  1. Drugs money drugs money notice how all the big players getting nabbed in the US. That parallel economy money is no more they criminal ass in jail no more protection from baRAT and company. That humongous sum is no longer in circulation results slow down. Florida in the 80s a perfect example.

  2. there was just too much liquid cash in the economy prior to may 11th. most if not all of it the proceeds of illegal activities by big players, they flaunted their money with impunity, while the small man watched in awe. so yes folks! the economy is supposed to slow down now that their protectors are no longer in power, all that money is now being hidden, out of circulation.this country will now thrive on genuine money,which must be carefully spent. this christmas the ordinary man must not be caught up in any shopping spree for material goods.

  3. Guyana was being run off Jagdeo and Bobby drugs money. People failed to realized that Guyana economy has no money. Now that Jagdeo is out of power, the government cannot support the rice and sugar industry. It will slide back into debts. What these people need to do is dissolve the Sugar industry….because everywhere in the world today uses alternatives for sugar/sweetner. USA and Canada uses sweetner not sugar. This Industry is dead! Guyana is heading under the atlantic with Captain Granger aboard as the head. Jagdeo was keeping the people happy by using his drugs money to provide goods and services which made him a profit in return. Guyana dollar value will slide with all these failures under the APNU….Naga and Granger is falling for serious traps with the US….they will cripple Guyana and then suck the oil money out for a cheap price…..when the dollar slide further….

  4. Burnham told us that, Hoyte told us that, Jagan told us that, Jagdeo aint tell we nothing but he and he fren dem rich rich now, Ramoutar told us that, Norman is that you? Oh lawd big man you too? Who yall tek we fuh man? Job? Noooo bro, once the US embassy around, we gone, you could stay and wait.

  5. So, Norman, it was the global economic slowdown and not the advent of the coalition to power on May that triggered the economic slowdown in Guyana? Thanks for the clarification.

  6. McLean, You’re a poor representative of your PNC!
    Stop crying about the global market!
    The PPP was doing extremely good with the Economy when the world Economy was complaining like you’re doing now.

  7. stupid the world and the caricom was in fall however Guyana was the only country in the Caribbean with at over all growth of 4 percent . let you private sector fall citizen are not happy therefore they will not shop .

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