Based on the numbers that are in thus far, Finance Minister Winston Jordan says that Guyana’s economy grew about four percent at half-year. In his perspective, this clearly shows that there were no negative effects from the tumultuous political environment.
Speaking with the Guyana Standard today during an exclusive interview, Minister Jordan said that the government is hoping it can continue on the projected growth path of 4.4 percent by year-end.
The minister said, “The economy was projected to grow to 4.6 percent. But at the last meeting with the International Monetary Fund when they were here for their Article IV Mission, we agreed that based on what was foreseen in the bauxite sector it would have taken a hit. So we had agreed to move it from 4.6 to 4.4 percent and we have already achieved four percent. So, I would say that we are on stream to achieving the 4.4 percent.”
Additionally, Minister Jordan noted that in some sectors such as gold, there has been a commendable improvement. In this regard, he reminded of the recent announcement by Natural Resources Minister Raphael Trotman that almost 400,000 ounces of gold have been declared. He noted as well that the construction sector is doing much better.
The Guyana Standard also asked Jordan to speak on the effects of the sugar sector reform on the economy.
In this respect, Jordan said, “Well, first of all, the Guyana Sugar Corporation is not making the contribution it used to make maybe a decade or so ago but the reason why you are not seeing a full out negative effect is because the restructuring is coming at a time when oil is about to come on stream.”
He added, “So the oil-related activities have filled gaps that would have remained or would have gotten larger if we were doing the restructuring when there was no other sector to pick up the slack so to speak.”
Be that as it may, the Finance Minister is confident that the Guyana economy will remain on a positive growth path.
