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World Bank: Growth likely in Guyana


World Bank: Growth likely in Guyana

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GEORGETOWN – Guyana is expected to see an overall economic growth of 51.7 per cent for this year, with further projections over the next two years.

The World Bank, in its recent semiannual report of the Latin America and Caribbean region, titled “The Economy in the Time of COVID-19,” said the country will, in 2021 and 2022 will see an 8.7 per cent and 2.6 per cent GDP growth respectively.

The report stated that Guyana’s economy had expanded by some 4.7 per cent in 2019, with anticipated oil revenues spurring expansion in non-traded sectors.

It said oil production is projected to boost the country’s GDP growth to an unprecedented level this year.

The report said, however, that while this could transform Guyana, there are risks as illustrated by a “still incomplete election outcome and compounded by falling oil prices and the COVID-19 epidemic”.

“Weak public service delivery and monitoring systems constrain the development of policies to reduce poverty and protect the vulnerable.”

Guyana remains locked in an electoral disagreement more than one month after citizens went to the polls on March 2, 2020. Weeks of litigation have seen the process now returning to the Guyana Elections Commission (GECOM).

A request for a national recount of the ballots cast in the National and Regional Elections by President David Granger last month is coming to bear, albeit without the “supervisory role” of the Caribbean Community (CARICOM).

The President had sought the assistance of CARICOM through its Chair, Barbados Prime Minister Mia Mottley to have a team be present for a recount of the votes which, he said, would end all speculations of fraud as purported by the political opposition.

That request was later challenged by private citizen Ulita Grace Moore and the Appeal Court subsequently ruled that the elections body should not allow any outside element to undertake its constitutionally mandated responsibility. The court, however, did not bar the recount.

GECOM is currently in the preparatory stages of the national recount and will meet again today to continue the process.

Meanwhile, while Guyana continues its fight against the novel coronavirus pandemic, the government is reporting successful handling of the situation.

Granger on Saturday said his administration is becoming better prepared to fight the virus. He noted that while the country has embarked on a path of improved public health, there are still many challenges ahead before the disease is defeated.

He said his government is better equipped to provide proper Personal Protective Equipment for the medical staff carrying out testing and treatment along with materials and equipment such as beds, respirators and ventilators for those who become critically afflicted.


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