Economy still in ‘readjusting mode’

Jul 28, 2017 News

– Finance Minister

In recent times, several businesses have been maintaining the cry that the economy is down. But putting this “complaint” into perspective was Finance Minister, Winston Jordan.
In an interview with the media, Jordan said, what that statement really means is that the desired spending is not taking place.
He said, “But if we look at the last numbers which were put out by Bank of Guyana, we would see that consumer spending has gone up. The economy is still in that mode where people are readjusting to the new realities of it and so while doing that, people may spend more wisely or hold some of their money.”

Finance Minister, Winston Jordan

The economist said that another part of the equation is that concessions are not being given out in a willy-nilly fashion anymore. He said that there is a more microscopic look at how these are given out.
But once the economy gets going, the Finance Minister said one can be assured it will be on a more sustainable footing.
He said that even though there might have been significant spending in the last 23 years, if it had been any good, then the economy would have been on a more sure footing than it is today.