GUYANA’S Government has pushed back against the prognosis from economist Dr Damien King that its new-found oil wealth will see it falling victim to the so-called resource curse, citing it has been strengthening its institutions to avoid the predicted outcome.
The economist noted in the Jamaica Observer last Friday that, “Guyana is going to go nowhere” as its oil wealth will lead to corruption because the country lacks strong institutions. King’s comments set off a firestorm in the South American country and has seen that country’s Government dismissing the claim in a statement sent to the Caribbean Business Report earlier this week.
However, at least two Guyanese economists share King’s views.
Guyanese economists Ramon Gaskin and Elson Low told Kaieteur News — a daily newspaper in Georgetown, Guyana — that King “has hit the nail on the head in terms of forecasting the future of Guyana, since the warning signs of economic gloom are already evident”.