Guyana’s economic slowdown evident in Capital city

…several store owners report significant decreases in sales

Businesses in Georgetown are facing the harsh realities of the economic slowdown for the past few months and the owners are calling on Government to tend to the situation urgently as they grapple with a decrease in sales as well as the increase in the prices of goods. A trip to the usual bustling Regent Street on Saturday revealed that business is not only slow for the large scale businesses, but also for the small businesses.

Dave Lall, a large scale fisherman expressed his dissatisfaction with the way the new Government is handling the situation as he stated that they are not putting enough effort into reviving the economy. “For the past two years business in the entirety has been on a constant slope, as of mid May, 2015, that slope escalated into a downward spiral with no visible intentions of a parachute upwards. One has to wonder why the sudden drop just as we welcomed a new Government after 23 years? Is it because the majority of people who spend money and keep the economy afloat are awaiting the decisions and actions of the new Government before they start spending again? Is it because people naturally don’t have money to spend? Surely it cannot be because of a new Government.

As of now, the new Government has not instituted any new policies or regulations that would cause such a drastic change towards the spending pattern of the Guyanese people. Now the important and rational question is…what will the new dispensation do to build consumer confidence and get the Guyanese people spending again?” he stated.

Lance McPherson, a handicraft vendor explained that he is facing the negative impacts of the slowdown as it is throwing him on the breadline. “For the past three months business has being slow…money circulation was here when they were school shopping but not as normal, certain bills are challenging to meet,” the man related.

Some persons expressed the view that the chances of the economy improving are low if the Government does not find ways of assuring and coercing investors’ confidence. “Surely the Minister of Business needs to step in here as he is yet to do anything of substance. Why do we even have a Minister of Business if after five months he still cannot come up with solutions or ideas to fix the problem? At one point in time he even denied the economic slowdown, how can you address a problem that you do not see? In terms of how is it affecting the business community, well the data is there for everyone to see. The markets are empty, workers are being laid off by the hundreds, businesses are closing down et al. I personally have made zero profits this year as people just refuse to spend. It has come to the point where my business is on hold pending the outcome of our spending powers and if any improvements would be made. People are crying daily and we are headed to an indefinite recession if something isn’t done now to curb this issue,” one frustrated businessman vented.

Even the Chinese investors are facing the brunt of the situation as they fight to keep their businesses alive. Ann Beryl, a Chinese store owner stated that she has faced much difficulty in selling off inventory. “Business is very slow, people aren’t spending. Persons would come in, watch and walk out back. No sale in the longest while,” she stated.