Addressing the Parliament of Guyana, APNU+AFC Shadow Minister of Finance Hon. Juretha Fernandes, MP, stated, “In my last budget presentation (2021), I asked the question, “Was the APNU+AFC’s accomplishments in building a strong economy in 2019 so overwhelming that it will take the PPP until 2023 – 3 years in office – 3 years as the Caribbean’s largest oil producer to finally match the economic output of the APNU+AFC’s final year in office.
She further stated, “The Minister reported that the 2021 Non-Oil GDP growth was an anemic 4.6%… after suffering a contraction of 7.3% in 2020.” These figures show that the 2021 non-oil GDP represented only 96.9% of the 2019 GDP. A 3.1% economic recession since the Peoples Progressive Party was installed in 2020. This economic downturn came over a period while the PPP dug Guyana into a further $200 billion of debt.
More significantly this economic downturn occurred while Guyana was in the midst of an oil boom that was widely expected to generate significant economic growth and development. As the economy continues to grow more dependent on the production of oil many have warned of the growing risk of the “resource curse”, which has long been the bane of poor states that discover significant oil reserves.
This economic downturn is further evident by the Guyana labour Force Survey Report which was published by the Guyana Bureau of Statistics showing that unemployment has increased to 14.5% for the third quarter of 2021. With less Guyanese employed and the Non-Oil economy smaller than in 2019, Guyanese have yet to see any benefit from the much lauded oil boom that surrounds them.