29% GDP growth by 2020… Just another feel good statement, Guyanese will be no better off- Jagdeo

Sep 26, 2018 News

Opposition Leader, Bharrat Jagdeo

Guyanese should not get their hopes up about statements by Finance Minister Winston Jordan to the effect that the nation’s Gross Domestic Product (GDP) is project to grow to 29.1 percent by 2020.
This is according to Opposition Leader, Bharrat Jagdeo, who at his most recent press conference held at his Church Street Office, sees Jordan’s utterances as “feel good statements” that will have no real effect on the lives of the masses in Guyana.
Jagdeo told the media, “Just imagine, GDP from the non-oil sector growing by 29 percent. You’ll create 50,000 new jobs. The GDP will grow by 29 percent in that year and will create just 300 new jobs. That’s what Exxon Mobil said… and maybe a few onshore, not exceeding a thousand. So it’s enclavic.”
The former President said that reference to the Gross National Product (GNP) would be a better way of assessing performances relative to capital intensive sectors.
“They should look at GNP figures. In this case where you have large capital inflows in the capital-intensive sectors, a better assessment would be to use the GNP rather than the GDP figures. So this might be true, this is a feel good, it won’t translate into more money into anyone’s pockets or more

Finance Minister, Winston Jordan

jobs. It’s just feel good.”
When Minister Jordan spoke of the projected 29 percent GDP growth by 2020, he was in Jeddah, Saudi Arabia, accompanied by Public Infrastructure Minister David Patterson, to sign a loan agreement.