Impressive Growth Gives Guyana Opportunity To Improve Citizens’ Living Standards

• Deputy Secretary-General of the European External Action Service (EEAS), Helena König, has said that Guyana has seen impressive economic growth, which provides opportunities to lift the country’s people out of poverty.
• König made these remarks last Thursday (March 16, 2023) evening at a reception that was held in her honour. König said that the economic growth seen can provide significant opportunities for the Guyanese people whilst noting that the European Union (EU) stands ready to accompany Guyana on the dynamic journey.
• Against this backdrop, she stated that the EU also has several programmes to support Guyana in this regard in sectors such as agriculture and the sustainable management of forests, be it production, processing, or export.
• Guyana is anticipated to be a regional and global growth outperformer in 2023, with its economy predicted to grow 29.0% in 2023 from 62.3% in 2022 from the surging oil production and inbound investments. These growth drivers will continue to increase government stimulus and narrow the fiscal deficit.
• Although Guyana’s recent growth is based on oil-and-gas reserves, it is obvious that the country is striving towards having a diversified economy, with officials engaging in discussions surrounding climate change, forest partnerships, food security, trade, connectivity, digitization, and even pharmaceutical cooperation.

(Source: Guyana Chronicle)