Top CDB official praises Guyana’s economic performance

TIMES INT'L

Dear Editor,
Amid all kinds of economic chaos, Guyana truly stands tall. According to the vice president (operations) of the Caribbean Development Bank (CDB), Guyana is not just withstanding downward trends, but is, in fact, faring better and better.
The official flatly praised Guyana’s economic performance, which she said is continuing to withstand the effects of the global financial crisis. Please note that this view is most unbiased and external.
Now why did she say this? I have a few parameters that must have been in her mind. Economic stability refers to an economy that experiences constant growth and low inflation. For quite some time, this has been so in Guyana. Advantages of having economic stability include increased productivity, improved efficiency, and low unemployment.
On the other hand, common signs of an unstable economy are extended time in a recession or crisis, rising inflation, and volatility in currency exchange rates. An unstable economy causes a decline in consumer confidence, stunted economic growth, and reduced international investments.
When a country’s economy becomes unstable, it will experience a significant reduction in international investments and spending.
Foreigners can also lose money if their investments are within a country with an unstable economy. Guyana again is a major destination point for many foreign investors – Russia, China and India, among others. Trinidad and Tobago is now joining with Guyana in food security.
For the record, in 2012, Guyana’s economy recorded a growth of approximately four per cent. Things are not perfect, but importantly there is steady growth.
I can complain, but it would be unfair for me to pick a few small ills and not see the greater and longer good.
Yours truly,
Khalil Hassan

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