With Guyana’s oil output expected to climb to 600,000 barrels of oil per day this quarter, thereby channeling more oil revenues into the national coffers, President, Dr. Irfaan Ali has assured that Guyana’s economy remains on “rock-solid footing.” During his New Year’s Message, the Head of State revealed that the Gross Domestic Product (GDP) is expected to reach almost 40 percent. “This achievement is not just a number; it is a reflection of the concerted efforts and strategic decisions made to propel our economy forward,” the Guyanese leader said.
The President’s revelation is also in keeping with predictions from the International Monetary Fund (IMF). In its December 2023 Report on the nation’s economic wellbeing, the IMF said Guyana’s economy should record a 38.4 percent real GDP growth. It said this positive performance should continue with an expansion of 26.6 percent expected in 2024.
Reflecting on key achievements made since assuming office, the Head of State said the salary base of all public servants increased by more than 21.5%. He said anomalies in the salaries of more than 5,000 health workers and 9,000 members of the Disciplined Services were resolved. Complementing this was the implementation of measures to improve salaries, allowances, incentives, and duty-free passes for teachers.
He also noted that a $5 billion programme was implemented to address the high cost of living in 2023.
President Ali said citizens can look forward to these achievements being expanded upon when the 2024 budget is unveiled in a couple of weeks.
In education, he said preparations are in place for the roll-out of free university education in 2025.
In the agriculture sector, the President said, “We expect in 2024, sugar production to be increased, as we continue to invest in the sector’s contribution to rural employment and the rural economy. Rice production, aquaculture, and other initiatives will lead to increased food production.”
The Head of State also assured that the capacity and capabilities of the Defense Force will be strengthened to allow for improvements in the overall defense of the nation’s sovereignty and our territorial integrity.
With respect to carnage on the roads, he said this will be greeted with a robust safety and traffic management plan. “I intend to have a national conversation on this issue within the coming days, and out of that conversation, new laws, regulations and technology will be implemented to stop the carnage on our roads,” he said.
The President said too that citizens can look forward to cost-of-living interventions, which will be made to cushion any spikes in prices. “We want to put more money into the pockets of people. Our policy making matrix will address this ideal and the idea of putting more money in the pockets of our people,” he said.
Further to this, he said workers will continue to benefit from increases in their wages and salaries, augmenting the other measures, which will be taken to enhance household disposable incomes.
