Guyana is expected to see its Gross Domestic Product (GDP) double in 2022, as the World Bank attributes the country’s growth rate to oil production, which started in 2019. The World Bank projected in the “Global Economic Prospect,” report recently, a 49.7 per cent growth for 2022, more than double the 21.2 per cent projection made for 2021.
The report stated that, “In the Caribbean, growth is projected to be 7.3 per cent this year and 5.9 per cent in 2023, though the aggregate reflects a large contribution from Guyana, where offshore oil production recently began. Growth in the Caribbean excluding Guyana, most of which is highly reliant on tourism, is projected to be substantially weaker, at 4.6 per cent in 2022 and 4.2 per cent in 2023.”
However, the People National Congress Reform (PNCR), the major party in the APNU+AFC coalition, said today in response to the sharp rise in food prices, “A meager 7% increase in the minimum wage, the cost of living of everyday items in Guyana has increased by an estimated 20% over last year, sparking fears that Guyana is already suffering from the dreaded resource curse – also known as the paradox of plenty, it is the failure of the country to benefit from its natural-resource wealth and the failure of the government to respond effectively to public welfare needs.”
The PNCR stated, “Clearly, the government continues to mismanage the economy, and appears to be clueless about what to do. From the ad hoc handouts of cash to promises of marine cage culture to replace the livelihood of our fisher folks, who have lost access to their catchment areas while experiencing dwindling fish catch, this government has shown no care for, or interest in the poor.”
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