By Jomo Paul
[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.