Economic growth strengthened in Guyana in 2018: IMF team

  • A visiting International Monetary Fund (IMF) Mission concluded that economic growth strengthened in Guyana in 2018 with broad-based expansion across all major sectors.
  • According to a report from the Washington-based organization, real GDP grew by 4.1% in 2018, up from 2.1% in 2017, led by the construction and services sectors. “Inflation remained steady at 1.6% at end-2018, on the back of stable food prices and exchange rate”, the IMF said.
  • The IMF said that for 2019, the mission projects real economic growth of 4.4%, driven by continued strength in the construction and services sectors ahead of oil production in 2020, and a strong recovery in mining.
  • The IMF cautioned that the authorities here do not foresee any significant spillovers from the crisis in Venezuela at present. However, the influx of migrants into the hinterland and rural areas could put socio-economic pressures on the local communities.

(Source: Guyana Chronicle)