Guyana’s Diverse Growth Pillars Make Its Economy Resilient to Global Shocks

• With a diverse pillar of growth, Guyana is building an economy that could withstand global shocks, according to President, Dr Irfaan Ali.
• Appearing on a recent airing of the Energy Perspective Podcast, the Guyanese Head of State noted that while the country has a burgeoning oil and gas industry, it is critical for the government to pursue economic diversification and build out the other segments of the economy.
• In building these diverse pillars, he noted that Guyana and its neighbouring countries must continuously evaluate and examine potential opportunities across the region. The question that he believes is lingering, is how to ensure the investments in infrastructure and advanced development could create new growth areas locally but still be linked to the growth of the region.
• The aim is to leverage the raw production in Lethem, Region Nine and Northen Brazil and convert that raw production into value-added goods for not just Guyana, but the entire region as well. Ideally, with Guyana expected to reduce the cost of energy, it is expected that much traffic for trade and manufacturing is on the horizon.
• In 2025, Guyana’s economy is expected to continue its unprecedented growth this year, with a projected economic expansion of 10.6%. This growth will be supported by efforts in mechanisation and conversion, as well as value-added production.
• Additionally, rice production is expected to expand by 12.4%, reaching 804,000 tonnes through expanded acreage and improved crop varieties developed through research and development. The other crop sub-sectors are projected to grow by 11.7%, driven by expanded acreage and the country’s focus on strengthening local food security while livestock production is also expected to grow by 7.5% across all categories.

(Source: Guyana Chronicle)