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Govt taking steps to reverse economic slowdown

Finance Minister, Winston Jordan.

Minister of State, Joseph Harmon said that the government is taking every step to ensure that economic activities are revitalised, and that money continues to flow into the economy.

The Minister was at the time addressing the media at a post-Cabinet press briefing at the Ministry of the Presidency today, on how the government is moving to treat with the reports of the country’s economy slow-down, and talks by some sections of the business community of laying-off some of their workers.

Minister Harmon, in responding said that these reports have been made and in fact have been taken very seriously by Cabinet. He explained that due to these reports, President David Granger has on at least three recent occasions summoned some of the key sector ministers including Finance, Agriculture, Business and Natural Resources to look at options on how to address the slow-down.

Further the minister said that in responding to the slow-down, the government is moving to “pump huge sums of money into the economy” that would generate employment and economic activities.

He noted the $5 Billion that the government will be pouring into the housing sector for the delivery and construction of 758 housing units in Regions 2, 3, 4, 5, 6, 7 and 10. The money for the construction of these units is projected to have a ripple effect across the economy. It is expected to create employment opportunities for thousands, and increase the demand for construction material.

Minister of State, Joseph Harmon.

Minister Harmon assured that, “The economy is always on the forefront of our considerations, not only in the Cabinet but in all of our government undertakings. The impact that the economy has on the people of this country is something which we are very careful about dealing with.”

Minister Harmon did however, point out that the economic slow-down in the country has to be taken in conjunction with economic reality of the neighbouring countries such as Suriname, Brazil, Venezuela and Trinidad and Tobago which are in deep recession, due to falling oil prices and other economic crises.

“These economic (realities) are not strange, people are reading, they are on the internet and they understand what is going on internationally,” he said. “We are doing our best to ensure that we do not have to go down the road, where some of these countries have gone,” he added.

Guyana has been dependent on traditional export products and, as a result, the economy has suffered as bauxite, gold, sugar and rice prices have fallen. The picture is also particularly gloomy for its neighbours, Brazil, Venezuela and Trinidad and Tobago.

The Brazilian economy has been experiencing an economic recession since early 2014 which has continued into 2017. Meanwhile, Venezuela is suffering the worst economic crisis in its history. Ordinary people in this oil-rich country are regularly going without food and three-quarter empty supermarkets are being ransacked by angry, hungry mobs. Trinidad and Tobago has also been experiencing sluggish growth against a backdrop of lower global oil prices, a reduction in local energy production.

  • BIG YOUTH

    Guyana’s economy has been slowed because of the clamping down on the
    illegal drug trade by President Granger, if the Coalition GOG should turn a
    blind eye to the drug trade like their predecessor lots of people will be happy…..

    • Col123

      Clean out your eyes .. use toilet tissues to clean out the stuff…

  • Investor

    “Minister
    Harmon did however, point out that the economic slow-down in the country
    has to be taken in conjunction with economic reality of the
    neighbouring countries such as Suriname, Brazil, Venezuela and Trinidad
    and Tobago which are in deep recession, due to falling oil prices and
    other economic crises.”

    Would have to disagree with this – the circumstances affecting those countries do not affect Guyana – e.g. the oil prices impact on Trinidad and Venezuela.

  • rudeo

    no answer to the woes….lil boy want big man wuk….caant deliver…..lef de kitchen if u caan tek de heat….u ask foh de wuk….no do aam

  • Muhammad Raoof

    Oh…finally…the Coalition is admitting to the fact that there is an issue with the economy. This comes after numerous denials at first…then the blame game when the denials wore itself out.

    Now that that we have this settled, the Government intention to PUMP hugh sums of money into the economy…we all heard this before….what came of that INTENDED action???

    The fact of the matter in our Guyana context, the lack of confidence in the Government plans — or lack – is a contributing factor that is holding back the economic train. The constant barrage of taxes, fees and duties imposed on the citizens is another factor.

    The coalition to date has not come up with one visionary intuitive that is or will reverse the economic slide. As mentioned…the nation have been hearing the constant denials. Then…. the blaming of others….

    If the Coalition is really serious in reversing the economic train…. They will have to demonstrate that vision and collective wisdom; demonstrating to the citizens that they have what it takes.

    • Lancelot Brassington

      I get the impression that the finance guy is a good technician and foot soldier but not a visionary leader. Many thought that the tried and tested Greenidge would have been the finance minister. Instead he was made the foreign minister,a portfolio that could have been handled by Aubrey Norton, a politician with a foreign ministry background who is said to be bright academically.There are also other options in the foreign service, for example Cheryl Miles.

      • Muhammad Raoof

        Exactly my sentiments….but that brings up another observation…the number of ministries and more so the BIZZARE names f these ministries are beyond belies.

        Greenidge was the ideal person for the Finance Minister position….Jordan is over his head……and it shows..

        • Emile_Mervin

          Jordan is a brought forward from the Jagdeo regime.

  • Emile_Mervin

    Admittedly, theteno

    • Col123

      Yea .. right … the drug economy is dead also…

  • brain dead idiot

    they should have given the public servants the money they put in dem pocket and the money they built durban park with and let money back in people hand and stop taxing everything and every minute is some minister corrupted deal with he friend just like ppp people getting fed up and they only in there for 18 months 3 more years and ass gon eat grass

  • Col123

    So how come we are always sold out on the black pudding and souse…