Government outlines economic gains so far at BBC Forum

The government said the rapid expansion of the economy is delivering tangible improvements in jobs, income, housing and opportunities.

The issue was raised during the live broadcast of BBC World Questions hosted by the BBC World Service in Georgetown.

The question argued that despite record oil production and government spending, many citizens still do not feel the benefits in their daily lives.

In response, Dr Singh rejected the suggestion that only the cost of living has changed over the past five years.

He said Guyana has experienced unprecedented economic growth, describing the country as one of the fastest-growing economies in the world during the period.

The minister highlighted several indicators of improved well-being, including:

• The creation of more than 104,000 new jobs over the past five years.
• Allocation of over 50,000 house lots to citizens.
• Nearly 15,000 new car owners annually, reflecting increased disposable income.
• Expansion of skilled employment, particularly in the oil and gas sector.

Dr Singh also pointed to strengthened governance of oil revenues through the Natural Resource Fund, noting that all oil earnings are deposited into the fund and withdrawals require parliamentary approval under a transparent legal framework.

He said the government’s approach balances immediate improvements in living standards with long-term investments aimed at ensuring sustainable national development.

Also responding to the concern and supporting the minister’s view, businessman Clinton Urling said it is inaccurate to claim that nothing has changed beyond rising prices.

He acknowledged that ordinary citizens experience the economy differently from GDP statistics, but he emphasised the scale of growth in recent years.

Urling noted that Guyana’s gross domestic product has expanded significantly since the start of large-scale oil production, describing the transformation as substantial and visible across the country.

He stressed the importance of good governance, value for money and accountability to ensure that the oil wealth benefits the broader population.

The discussion formed part of a wider debate about how Guyana should manage its rapid economic transformation under the government led by President Irfaan Ali.

While differing views were expressed, both government and private sector representatives, acknowledged the importance of ensuring that economic growth translates into measurable improvements in the lives of ordinary Guyanese.