Mar 17, 2009 Letters
Governments from developing countries are working hard to control the effects of the global financial crisis.
Stock markets are down, investment banks have collapsed, stimulus packages are being created, and interest rates have been cut around the world.
Despite this, Guyana’s economy has been growing at a steady rate and non-traditional crops are on the increase.
Since last year, efforts to recuperate our nation’s production sector have been made, especially in our agriculture and service sectors. Our security sector has been enhanced and reformed to ensure the continued safety of all Guyanese. Also, Guyana has seen a boost in the creation of jobs as a result of infrastructural developments.
The global financial crisis coerced the world to face the harsh realities of its effects, devastating many economies of both developed and developing countries.
The effects of climate change and the credit crunch have shifted aid in other directions from developing countries, leaving us to battle the war on our own.
Guyana recently faced challenging weather conditions because of climate change, which have taxed our drainage system, causing floods and discomfort among the people.
Despite these challenges, Guyana’s financial system has managed to remain sound. We must also note that at this time it is important to spend more, so as to increase employment, maintain our macroeconomic fundamentals, attract investments, and generate income.
Guyana may feel the negative impact of the global credit crunch, as there are companies that have injected funds in U.S. real estate. Government is making every effort to protect its citizens and maintain its macroeconomic environment. The Government is addressing the CLICO crisis consistent with due process and in an orderly fashion.
Guyana has managed to achieve a real growth of 3.1% last year. The Balance of Payment reflected a surplus of US$7 million in 2008. The inflation rate at the end of 2008 was 6.4%, as compared to 14% in 2007.
As a result of Government interventions, the domestic economy remains relatively insulated from the global financial upheavals.
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