More robust economy for Guyana under Coalition
DPI, Guyana, Monday, February 17, 2020
Already on a path of exponential growth, Guyana’s economy is set to make an impressive leap under the Coalition Government.
The government’s economic programme for the next five years will maintain high levels of growth and ensure a more resilient and competitive economy. This includes plans to institute measures that will generate increased employment and provide opportunities for entrepreneurship and economic prosperity.
“Guyana is now poised to achieve rapid economic development. We have recorded the fastest known rate of movement from substantial discoveries to consequential large-scale petroleum production. We have launched a Decade of Development which will see the emergence of a modern and prosperous country through the efficient and effective combination of our productive resources – its people; its entrepreneurship; its capital and its natural endowments,” the Coalition’s 2020 manifesto states.
The administration is seeking to “build a nation” in which all citizens will enjoy a quality standard of living, which the administration has already started delivering.
“Our long-term policy is to ensure development, as enshrined in the Green State Development Strategy (2020–2040). We shall fulfil the country’s commitments under the United Nation’s Sustainable Development Goals (2015–2030), as well as our abiding commitment for everyone to enjoy a good life,” the document states.
There will be more focus on economic diversification. The manifesto promotes the implementation of a national export and investment strategy targeting agri-businesses, aquaculture, mining, forestry, tourism and other high, value-added services. The government will also ensure maximum use of farm produce to supply all of the food provided to vulnerable groups and students under the Public Education Nutrition Service (PENS).
Ensuring an improved business environment, the administration during its next term will implement the Small Business Procurement Programme to increase economic opportunities for small businesses, implement the ‘Doing Business Action Plan’ to reduce the costs and inefficiencies of conducting business, improve anti-smuggling measures to level the playing field for local businesses, complete the Electronic Single Window system for processing imports and exports to improve efficiency and facilitate easier movement of goods and transition to fully electronic processing of all business-related government transactions.
The International Monetary Fund (IMF) has already predicted a dramatic upswing in economic growth for Guyana this year.
The IMF report calculated that the oil sector will represent about 40percent of the economy within five years. The government expects the initial $300Milion a year in revenue from profit-sharing and royalties from ExxonMobil, to more than double after a second offshore well starts production around 2022.