GCCI remains resolute as an advocate for economic development, increased standard of living in Guyana

Dear Editor,
The Georgetown Chamber of Commerce and Industry (GCCI) extends congratulations to the Government of Guyana on presentation of the $1.382 trillion 2025 National Budget under the theme ‘A Secure, Prosperous, and Sustainable Guyana’; it was, notably, an increase of 20.6 percent from the 2024 National Budget with no new taxes.
As Guyana’s development continues on an upward trajectory, the GCCI is pleased with the projected GDP growth of 10.6 percent for 2025, coupled with the anticipated 13.8 percent growth in the non-oil economy this year. With these projections, Guyana is expected to remain the world’s third fastest growing economy. This comes on the heels of the country’s noteworthy economic performance in 2024 of 43.6 percent growth overall and an increase of 13.1 percent in the non-oil economy.
Guyana’s development and outstanding economic performance require prudent economic management and measures, and the Chamber has taken note of several interventions that cater to increasing sectoral performances sustainably while investing in socio-economic development.
The Chamber wishes firstly to applaud the Government for increasing the income tax threshold to $130,000 while decreasing the PAYE rate to 25 percent, thereby increasing employees’ disposable incomes. These measures, in conjunction with several other cash injections through one-off cash grants, annual cash grants, and old age pensions and public assistance increases, as well as measures to alleviate the cost-of-living, amount to a keen focus on improving citizens’ welfare.
The GCCI also commends the increased investments in the agriculture, extractives, manufacturing, construction, and services sectors, particularly given the projected sectoral growth.
Additionally, the Chamber has noted the strong focus on infrastructural development and the energy sector. It is crucial that focus be placed on aligning the country’s infrastructure with increasedinvestment interests, especially in relation toenergy and transportation infrastructure.
Among the numerous projects announced, the Chamber wishes to highlight the focus on small business development with injection of $3 billion for establishment of industrial estates in Regions 2, 3, 4 and 10. This, in addition to the proposed removal of import tax and VAT on machinery used in the agriculture sector; the removal of VAT on automated poultry pens, veterinary supplies, and backup generators; as well as measures to reduce freight costs, are welcome interventions.
Over the years, the GCCI has continued to highlight challenges with the labour shortage; as such, the move to invest heavily in the education sector — including funding of the University of Guyana and other technical institutes across the country, thereby removing tuition — must be commended as a step in the right direction. This will further enhance the country’s workforce and ability to meet the needs of all sectors, particularly the oil and gas industry.
The GCCI remains resolute in its role as an advocate for economic development and increased standard of living in Guyana. The Chamber supports the Government of Guyana in these initiatives, and welcomes Budget 2025 as a vehicle for continued growth and development.

Sincerely,
Georgetown Chamber
of Commerce and
Industry