The budget outlining the Government’s plans, programmes and expenditures for 2023 reflects Guyana’s increasing income from its rapidly expanding petroleum industry. At $781.9 billion, as against $552.9 billion for 2022, this budget is 41 percent larger than 2022. The 2022 budget was in turn larger that the 2021 budget by 44.3 percent. This budget was […]
Category Archives: Economy
GUYANA GRASPS AT THE PROSPECT FOR PROGRESS IN THE NEW YEAR
Predictions of significant economic growth in Guyana due to the developing petroleum industry are being realized. Guyana’s Gross Domestic Product (GDP) in 2021 was US$8.04 B., representing a 20 percent growth rate. GDP reached the US$4 B mark in 2012 and increased to US$5 B in 2019. From US$8.04B in 2021 the GDP is projected to grow in 2022 by 56 percent which will take its […]
THE BRIGHT CENTURY BECKONS GUYANA, BUT WHAT’S IN IT FOR ME, AND WHEN?
The spectacular possibilities that await Guyana were revealed at the recently concluded Oil & Gas conference. Government spokespersons, led by President Irfaan Ali, Prime Minister Mark Phillips and Vice President Bharrat Jagdeo, and other officials, revealed plans, set out priorities and declared objectives. The head of Exxon talked about the possibilities of the oil industry […]
WHY GUYANA’S ECONOMY BEEN IN SHACKLES SINCE COLONIAL TIMES
Guyana’s is and has always been a primary producer. During its years of Independence, although there was some economic growth, Guyana was unable to significantly diversify its economy by, firstly, adding value to what it produced and, secondly, advancing the process of industrialisation. Apart from political instability and consequential factors, the absence of an adequate […]
NO NEW TAXES
The public is hardly interested in the details of budgetary explanations and analysis and for many like myself, I find going through figures to be sheer drudgery. But I could not help but feel a sense of elation at the conclusion of the budget speech by the Minister responsible for Finance. As was expected, and […]