BUDGET 2021 is $383.1 billion; economy projected to grow by 20.9% in 2021
The 2021 National Budget is pegged at a whopping $383.1B and has been financed with no new taxes, according to Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh.
This announcement was made by Dr Singh while presenting the budget on Friday at the Arthur Chung Conference Centre (ACCC). He indicated that Guyana’s economy is expected to grow by 20.9 per cent this year, following the growth of 43.5 per cent recorded in 2020, despite the ramifications of the COVID-19 pandemic and the country’s protracted elections.
With the growth in the real Gross Domestic Product (GDP) pegged at 20.9 per cent, the growth in the non-oil sector is pegged at 6.1 per cent. This growth will be made possible through developments primarily in the agriculture, manufacturing and mining sectors.
There is 9.6 per cent growth expected from the sugar industry, 3.5 per cent increase in rice production and a 39.1 per cent growth in the mining and quarrying sector. Forestry, livestock, other corps and fishing are also expecting major improvements.
The manufacturing sector is also expected to grow by 7.3 per cent, on account of anticipated growth in sugar and rice and other manufacturing.
In 2020, the local economy, hampered by the effects of the COVID-19 pandemic and the protracted regional and general elections, grew by 43.5 per cent, was driven by the burgeoning oil and gas sector but this growth was still lower than previously projected.