Former Finance Minister Winston recently said the much-touted ‘fastest growing economy’ mantra is nothing but a “mirage”. He noted that a true picture of the economy must be viewed from the non-oil sectors.
Non-oil exports have fallen by 18% under the installed People’s Progressive Party (PPP) regime from USD$366 million in the first quarter of 2020 to USD$300 million in the first quarter of 2022. This is according to reports by the Bank of Guyana.
This sharp decline is in part due to drastic reductions in both rice and sugar production which contracted 53.1% and 47.7% respectively.
As some elites rejoice in the booming oil sector, regular Guyanese are finding it increasingly harder to earn a living due to skyrocketing inflation and a stagnant non-oil sector. In 2021 there was a 4% reduction in sugar production, 20% reduction in rice production, 3.8% reduction in Bauxite, 14.8% reduction in gold production, and more.
The economic stagnation has left 42,000 Guyanese unemployed. Youth unemployment now stands at an all-time high of 31%.
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