Economic growth failed to hit revised target of 3.1%

Presented under the theme “The journey to the good life continues,” Guyana’s Minister of Finance, Winston Jordan on Monday presented the 2018 National Budget. For the third year, the budget is being presented before the end of the previous budget year.

The Minister disclosed that the economy is expected to grow by 2.9 percent, failing to meet the revised growth projection of 3.1% for 2017.  The initial projected growth of the economy was 3.8% but this was revised by midyear to 3.1% after the economy only grew by 2.2% in July of this year.

During his address to the National Assembly, he said this is due mainly to poor performance in several sectors including mining, sugar, forestry and fishery. Nonetheless, the Finance Minister said the economy is doing well especially when compared to the performances of its neighbours in the Caribbean.

Budget 2018 he said is “about the government continued to rise to the challenges and fostering the conditions and creating opportunities for renewal and expansion in the economy in order to secure the good life in the future.”

As a result, he said Budget 2018 focuses on a number of strategic actions including consolidating macroeconomic factors, fostering higher growth for more and better jobs, improving the quality of life for people, investing in skills development, invest massively in infrastructure, doing more to facilitate business, stimulating growth and employment in the productive sectors and supporting micro, small and medium enterprises.