Even though the COVID-19 pandemic has dampened expectations of Guyana being the fastest growing economy in the world this year, the country will still emerge with the best growth rate in its history says Finance Minister, Winston Jordan.
The economist made this remark during an interview with the Department of Public Information (DPI). There, the Minister said that one must applaud the role that is being played by the emerging petroleum sector in boosting the economy.
Minister Jordan said, “…It has come at a very opportune time, at a time when sectors that assisted us in the past such as bauxite and sugar are now showing prolonged tiredness. It is good that new sectors like oil can step up and contribute where those sectors can no longer contribute.”
Going on to 2020, Jordan said that Guyana had the distinction of being the fastest growing economy in the world and was projected to grow by some 86 percent. This he said has been affected by the COVID-19 pandemic, while adding that no one knows when it is going to end.
“Also, we have our own domestic pandemic with the political crisis that has developed and together, they will have dampening effects on the economy,” Jordan said.
Notwithstanding this, Jordan said that Guyana will have best growth rate in history while noting that this varies around 52 percent and 60 percent in other international circles. He was keen to note however that these are estimates and are subject to change but regardless of same, Guyana will still see positive growth.