The question of whether natural resource wealth is a blessing or a curse has always been a topic that stirs robust debate. In particular, the question of whether oil and represent a blessing or a cruse has been the subject of fierce debate around the world. Even though extensive scientific research have been conducted, there is not conclusive answer. Since Guyana has become an oil producer, this question has also occupied political discourse in our stratosphere. The evidence so far is that oil has been a blessing for Guyana. The fact that my generation’s big dream was to own a bicycle and that this generation’s big dream is to own their own home and a car is testimony to the transformation in Guyana. Bear this in mind – the National Health Budget for 2026 is almost 10 times the largest health budget I had when I was Minister of Health.
On Monday, January 26th, Minister Ashni Singh presented Budget 2026. At $1.558 trillion, it was Guyana’s largest budget ever, by far. We can expect that this will continue to be repeated for each budget during this second term of President Irfaan Ali’s presidency. At this rate, Guyana’s budgetary allocation will surpass the $2 trillion mark by 2029, and this could even happen in Budget 2028. Imagine how far we have come. In 1990, Guyana’s budget was less than $10 billion. In 2020 it was approximately $300 billion. In just five years, the PPP Government under President Irfaan Ali has increased the annual budget by more than 500 per cent.
It was also the longest-ever budget presentation for Guyana’s Parliament. It lasted five hours, 42 minutes. It might very well be the world’s longest ever Parliamentary budget presentation in history. I believe that Ashni Singh holds the world record for at least three of the top five longest budget speeches in history.
Usually, when historians speak of the longest and shortest budget presentations, references are made to presentations in England and India. In England, where Budget Day and its presentation are similar to Guyana’s, the longest-ever budget presentation was given by William Ewart Gladstone on April 18th, 1853, and it lasted four hours and 45 minutes. The shortest-ever in England was delivered by Benjamin Disraeli in 1867, and it lasted 45 minutes. In India, Finance Minister Nirmala Sitharaman holds the record for the longest budget speech which was in 2020, lasting two hours and 42 minutes. But the last 10 minutes of her speech had to be read out by the Speaker because she became too sick to finish it. The shortest-ever budget speech for India was delivered by Hirubhai Patel, whose 1977 budget presentation lasted less than 10 minutes.
Outside of the length and size of Budget 2026 is a budget that reflects Guyana’s sustainable growth. Budget 2026 reports that Guyana’s GDP grew 19.3 per cent, with a non-oil GDP growth of 14.3 per cent. Whether we take the whole economic growth or just the non-oil GDP growth, Guyana is way ahead of every other country in the world. It has owned this record for five consecutive years. This is a remarkable record in a world where growth has been uneven. The World Bank, UNCTAD and other global organisations have projected that Guyana’s GDP growth will continue to be the highest GDP growth for any country until, at least, 2030. While oil is a driving force, the Irfaan Ali-led PPP Government has been able to craft economic policies, strategies and plans that have propelled Guyana forward.
Globally, the highest average annual global GDP growth was in 1964 when the average growth was 6.4 per cent, and the lowest was negative 2.8 per cent in 2020, at the height of COVID-19. The world’s economy has averaged about three per cent over the last several years, according to the World Bank and UNCTAD. The estimate for average global growth between now and 2030 also hovers around three per cent. The emerging markets of South Asia, Sub-Saharan Africa, and Southeast Asia are expected to grow between 4.5 per cent and 5.8 per cent. For developed countries, growth are expected to remain around 1.5 per cent to two per cent.Guyana’s expected GDP growth for 2026 is projected to be 16 per cent, way above the 2026 projections for the other high-flying countries. Given these statistics, Guyana has shown remarkable resilience, and credit must be given to President Irfaan Ali, VP Bharat Jagdeo and Minister Ashni Singh.
The economic landscape at the end of 2025 around the world shows a mix of recovery and growth, particularly in regions like Africa and Asia. Established economies like India and Vietnam continue to demonstrate robust growth driven by domestic demand and investment. India is expected to grow at a rate of 6.9 per cent in 2026, maintaining its record as the fastest-growing economy among large economies. Vietnam is expected to grow at a rate of 6.3 per cent in 2026. Guyana’s growth, therefore, places it at the top of the world.
The naysayers will argue that the growth has nothing to do with the PPP/C Government. They will attribute the growth solely to oil. But the non-oil economy also grew at an impressive rate, surpassing all other economies in the world. Agriculture, forestry and fishing grew by 11.5 per cent. This was driven by sugar, which expanded by 26.5 per cent; rice, by 15.7 per cent; other crops, by 11.1 per cent; livestock, by 12.5 per cent; and forestry, by 2.7 per cent. Outside of oil, the other extractive industries played a role in the growth of the non-oil economy. For example, gold grew by 11.6 per cent and bauxite by 53.4 per cent. Manufacturing grew by 20 per cent. Construction surged by 31 per cent.
National budgets now represent a statement of transformation and are a testimony to the blessings oil has brought to Guyana. The growth in other extractive industries, like gold and bauxite, in agriculture, manufacturing, construction and services, and the growth in the purple and orange economies show that Guyana has utilised oil resources to transform our country. This is a blessing.