Guyana’s economic growth not automatic; requires Govt with vision – Dr Ashni Singh

With Guyana’s economic growth rate over the past five years averaging 27.14 per cent, Finance Minister, Dr Ashni Singh, says economic growth does not happen automatically.

Addressing graduates at the University of Guyana (UG) Tain Berbice campus, Region Six convocation ceremony on Saturday, Minister Singh noted that economic growth requires a Government with vision.
“A Government with credibility and commitment to deliver what it has promised, and a Government with the competence to deliver what it has said it will deliver. And those things should not be taken for granted. This Government, this People’s Progressive Party/Civic (PPP/C) Government, led so ably by President Ali who has outlined time and time again his vision for Guyana.”
Guyana’s economic growth over the past five years could be considered phenomenal, considering the fact that, according to the International Monetary Fund (IMF), a rate between two per cent and three per cent is generally considered normal for developed economies.
In 2023, Guyana recorded a staggering 62.3 per cent growth and, according to the IMF, over the next five years the country is expected to see an average of 14 per cent growth.
This is not automatic Minister Singh says.
According to trading economics, apart from Guyana, with a Gross Domestic Product (GDP) of 27.14 per cent over the five-year period, no other country was able to register double digits. Ireland was second with a GDP growth of 9.14 per cent and Tajikistan third with a GDP growth of 7.36 per cent.
Rounding out the top five were the Maldives at number four with a GDP growth of 7.12 per cent and Ethiopia with a GDP growth of 7.1 per cent.
The Finance Minister said that over the past five years the Government has demonstrated its capability and commitment to deliver.
“You have seen the transformation of your communities, you have seen how many roads have been built in your communities and you can easily judge how many roads were built over the last five years in Region Six; and then think back between 2015, and 2020, if any roads at all were built in Region Six. You have seen the new developments like the Port Mourant Training Centre that is being built there, the Palmyra, the new housing areas in Williamsburg and Hampshire, in Number 75 Village, the new housing areas that we have said we will be building in Moleson Creek, that is coming on stream shortly…”
Minister Singh pointed out that economic growth in Guyana has come about because of a Government that has clarity of vision to translate visions into real outcomes.
Back in 2018, Guyana’s economic was primarily dependent on agriculture, mining, and services, with a GDP growth rate of around 4.1 per cent.
However, since 2020, substantial growth has been bolstered by increased foreign direct investment, enhanced infrastructure development, and the establishment of national policies aimed at maximising the benefits of newfound oil wealth.
Several factors have contributed to this unprecedented economic surge. The entry of major oil companies into Guyana’s market since the first significant oil discoveries in 2015, has catalysed investments and job creation, transforming the economic foundation.
Additionally, the Government has implemented policies to diversify the economy while investing in critical sectors such as education, health, and infrastructure, essential for sustainable growth.
As Guyana looks to the next five years, predictions indicate continued robust growth.