On the heels of a report by Guyana Times, the Government has admitted that Guyana’s macro-economic outlook for 2017 turned out to be worse than projected, with a 2.1 growth rate being recorded.
Finance Minister Winston Jordan made this admission during a press conference at his Ministry. Revealing that the 2017 end of year economic report has been completed, he linked the dismal figures to sectors including sugar.
“The economy did not perform as robust as we expected during last year,” the Minister admitted. “Even at the half year we were predicting that the economy would not, given what we knew about sugar. At the end of the day, it was even worse than we predicted. So even though there was positive growth last year, the growth rate ended up being 2.1 per cent.”
Previously, Jordan had said the economy was expected to grow by 2.9 per cent, failing to meet the revised growth projection of 3.1 per cent for 2017. The initial projected growth of the economy was 3.8 per cent. This was, however, revised by midyear to 3.1 per cent after the economy only grew by 2.2 per cent by July.
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