Guyana expects to see 19.5% economic growth for 2021 – Ali

…stresses need to break down “nonsensical” trade barriers in Caricom

With Guyana expected to see 19.5 per cent economic growth for 2021, President Dr Irfaan Ali on Tuesday used the occasion of addressing the Trinidad and Tobago Manufacturing Association to urge investors to get on board.
Addressing the Trinidad and Tobago Manufacturing Association President’s Dinner and Awards Ceremony virtually, President Ali expressed confidence that the political will exists to give effect to the ideals that created the Caribbean Single Market and Economy (CSME).

He pointed to the example being set by Barbados Prime Minister Mia Mottley when it comes to her leadership on the issue of improving CSME. Guyana’s Head of State also spoke of Guyana’s prospects, which includes a projected economic growth rate of 19.5 per cent for the year.
“In the near term, building on unprecedented expansion last year by 43.5 per cent, economic growth is expected to be 19.5 per cent this year. And this extraordinary pace of growth is expected to continue into the medium term. The favourable economic outlook brings opportunities,” the President said.
He said this includes prospects for greater partnership with regional partners, including Public and Private Sector. But President Ali had some harsh words when it comes to the need to reduce barriers of trade across the region, noting that these barriers are a hindrance.
“We have to wrap ourselves around a common objective, to see our operating space as one, and remove those barriers that have kept back the food production system and those barriers that have been nothing but a hindrance to our countries within the region. If we are not prepared to do this, then we are not serious,” he said.
“And the manufacturing associations across the region should get on board to ensure that these barriers are removed. Because when these barriers are removed, it brings a lot of opportunities to you in the manufacturing sector,” President Ali added.
President Ali also highlighted the glaring disparity in the import and export of food regionally, and again lobbied for more to be done to lessen the importation bills. He noted that there are numerous products that can be produced in the region using home-grown or homemade materials and resources.
“We cannot move forward reasonably as a people, we cannot move forward reasonably as a collective, if we are not willing to act in a selfless manner. The opportunities will slip by… I have the barriers by country, I have the impediments to trade by country for exports and imports, and some of this is nonsensical. Some of these barriers that are imposed can be withdrawn overnight if you are serious about building capacity and opening up opportunities,” he said.
The President also revealed some surprising numbers. According to him, total trade between Guyana and Trinidad and Tobago, which includes imports and exports, was valued at over US$500 million last year. This number is inclusive of US$514 million imports from Trinidad and Tobago and US$35 million exports to Trinidad and Tobago.
The President emphasised the importance of bilateral trade being mutually beneficial to both countries.
Back in October, the Finance Ministry’s Mid-Year Report for 2021 had revealed that Guyana recorded real GDP growth of 14.5 per cent. The non-oil GDP also grew by 4.8 percent despite the challenges of the COVID-19 pandemic, and even the devastating floods experienced in May-June.
With regard to manufacturing, this sector notably saw an estimated growth of 13.1 percent when compared to the same period last year, with expansion of the sector being attributed to a growth of 23.1 percent in “other manufacturing”. In the category of “other manufacturing”, growth was experienced in the manufacturing of non-metallic products, chemical products, and beverages.
The Mid-Year Report is expected to be tabled by Senior Minister in the Office of the President, with Responsibility for Finance, Minister Dr Ashni Singh, at the first sitting of the National Assembly, once the Assembly resumes after its current recess. (G3)