Guyana’s economic trajectory represents nothing short of a miraculous transformation. Recent data from the International Monetary Fund (IMF) paints an incredibly bright picture for the country, positioning it to outshine its regional counterparts regarding economic growth. In 2022, Guyana achieved the world’s highest real GDP growth, a staggering 62.3 percent.
This spectacular growth is even more astonishing when contrasted against global averages and Guyana’s history as one of the world’s poorest nations. In 1992, when the PPP/C was assumed. Office, Guyana grappled with a beleaguered economy and one of the world’s highest per capita debts.
Fast-forward to the present under the PPP/C government, Guyana is now acknowledged as one of the fastest-growing economies on the global stage. This recognition is achieveddespite a slow global economic growth slowdown. The Caribbean and Latin America face even more daunting challenges, with GDP growth projected to increase by a mere 1.5 percent.
The dynamics of the global economy remain hampered by numerous factors, including the negative impact of climate shocks, the enduring grasp of the COVID-19 pandemic, and the continuing conflict in Ukraine and now the conflict between Israelis and Palestinians. In this context of global economic constraint, Guyana emerges as an extraordinary financial success, recording exceptional growth rates even in its non-oil sectors.
Guyana’s remarkable economic journey is due to diligent and prudent financial management by President Dr Irfaan Ali and Vice-President Dr. Bharrat Jagdeo’s measures in controlling inflation and improving wages and salaries, culminating in a markedly improved standard of living for its citizens. This economic progress is moving in the right direction, thus creating a significant demand for more workers in the country.
The PPP/C administration, over the years, has consistently delivered high economic growth and meaningful social progress. Quality of life has significantly improved regarding access to essential services, infrastructural development, home ownership, quality education, healthcare, and utilities.
President Dr. Irfaan Ali and Dr. Bharrat Jagdeo Guyana envision a unified nation that sustains and broadens the delivery of economic, social, and cultural benefits to all its citizens. As Guyana emerges as the new investment capital of Latin America, its discoveries in the Oil and Gas sector are substantially altering the nation’s prospects. This newfound wealth positions Guyana will embark on a meaningful economic transformation to upgrade its regional standing and bolster its stature internationally.
Economic growth plays a central role in elevating the quality of life, and there exists a profound and symbiotic relationship between democracy and economic prosperity.
In response to this transformative potential, President Dr Irfaan Ali and Vice-President Dr Bharrat Jagdeo have consistently conveyed their commitment to propel Guyana into an era of progress and economic prosperity. Several crucial priorities have already been addressed and implemented to translate this collective vision into a tangible reality. By the same token, both leaders are determined to pursue and closely monitor economic development. They are ensuring that the people of Guyana benefit from the economic miracle.
- Investing in Infrastructure: The President and Vice-President have prioritized significant infrastructure investments, including the development of roads, bridges, water, and electricity facilities, as well as sustainable energy sources. This commitment has fuelled business expansion and uplifted Guyanese citizens’ quality of life.
- Financial Hub Development: To facilitate a new generation of SMEs and attract foreign investment, Guyana should establish a new financial center featuring investment and agriculture banks. Capitalizing on its status as the sole English-speaking country in South America provides a significant advantage. The one million Guyanese diasporas are keen to invest, but the banking system in Guyana is not very welcoming to the Diaspora community. A new system must be introduced to entice the diasporas to invest in Guyana.
- Smart Cities: Embracing the concept of smart cities will allow Guyana to harness modern transport, building, and power technologies to enhance the quality of life for its residents, fostering innovation and sustainability.
- Affordable Housing: Inclusivity is key. Committing to the construction of approximately 50,000 affordable homes demonstrate Guyana’s dedication to ensuring no citizen is left behind in the country’s journey towards progress. This is the brainchild of both Dr Irfaan Ali and Vice-President Dr. Bharrat Jagdeo.
- Foreign Direct Investment (FDI): To secure local jobs, the government must strategically encourage foreign direct investment (FDI), ensuring that the benefits ripple through all corners of the local economy.
- Rail Transport: The potential for rail transport, particularly in cities like Georgetown, holds promise for alleviating traffic congestion and promoting sustainable commuting, further enhancing the nation’s appeal. An electric metro rail system would support easy transportation for the citizens of Guyana.
- Hotel Development: As the demand for accommodation grows, especially with the burgeoning eco-tourism sector, constructing at least ten hotels that cater to both business and leisure travelers become a wise move.
- Urban Modernization: Given Georgetown’s role as the capital city and the ‘face’ of the new Guyana, modernizing its cityscape becomes paramount, creating a fitting backdrop to the country’s newfound international prominence.
- Healthcare Facilities: Quality care facilities are essential. Investment in a state-of-the-art hospital will underscore the government’s commitment to the health and well-being of its citizens. Guyana’s ongoing economic renaissance is driven by visionary leadership and newfound. resources. As the nation progresses on this remarkable path, addressing these priorities will be instrumental in realizing the aspirations of a prosperous and inclusive Guyana.
The beginning of the first economic miracle in Guyana can be attributed to the relentless determination and unwavering commitment of both President Dr. Irfaan Ali and Vice-President Dr. Bharrat Jagdeo. Both leaders are visionaries and faithful servants of Guyana’s people. Their steadfast dedication and duty is to serve and enrich the lives of Guyanese in a multi-cultural society.
In unity and determination, Guyana is poised to embrace a future filled with promise and potential for all Guyanese in Guyana and abroad.
Vedan Choolun, London, United Kingdom