Next eight years will see ‘heavy lifting’ as part of the economic transformation agenda – President Ali

President Dr Mohamed Irfaan Ali said the next eight years will focus more on the ‘heavy lifting’ it will take to achieve Guyana’s economic transformation, in order to reap the benefits in 2030 and beyond.

The president was delivering the keynote address at the Guyana Manufacturing and Services Association’s (GMSA) 27th annual Awards Ceremony, held at the Ramada Princess Hotel at Providence, East Bank Demerara on Tuesday evening.

President Dr Mohamed Irfaan Ali during his address at the GMSA Dinner on Tuesday evening

The ceremony aims to celebrate those businesses in the private sector that make major strides in the economic development of the country.

President Ali noted that, “transformation and vision go hand in hand,” as such, Guyanese should become more emotionally connected, and develop a collective attitude towards development.

The truth is, everything is connected, our behaviour, the way we treat each other, the way we treat our environment— it’s all connected to the story of development,” he stated.

This development, the head of state explained, will lead to the creation of the ideal future for Guyana in 2030 and beyond.

The vision will see the building of an integrated, multi-dimensional economy that will be able to compete among the best economies in the world. This feat will be achieved through the use of resources from the oil and gas sector, which will in turn bolster the non-oil sectors, the president elaborated.

This will ensure Guyana’s economy remains resilient.

In the first half of 2022, Guyana’s Gross Domestic Product (GDP) recorded a 36.4 per cent increase, with the non-oil sector recording a 9.6 per cent growth.

The 2022 Mid-Year Report, released by the Finance Ministry also showed that the country’s real GDP growth for the year is now projected at 56 per cent overall.