The level of poverty and associated levels of malnourishment will have dire consequences on the future health of the population and the potential for future economic growth in Guyana unless immediate steps are taken to address these issues. More than 36 percent of Guyanese or almost 4 in 10 people are living in poverty i.e. surviving on an income of U$1.75 per day or G$10,494 per month.
Less Than 18 Percent of Government Transfers to the Regions is for Supporting Agriculture and Infrastructure – Key Economic Sectors
The failure to adequately invest in key sectors of the economy limits economic growth and is likely to further exacerbate current economic uncertainty and prime the economy for a downward spiral. The government’s budget for 2017 includes fiscal transfers to the 10 Administrative Regions totaling more than $35 billion. Of this total, less than 18 percent is allocated for supporting the agriculture sector and for building and repairing critical infrastructures necessary for creating a strong economic foundation for sustained growth.
An unemployment rate of 11.4 percent represents a sizable portion of the labour force without the opportunity to pursue their own economic prosperity and contribute to the creation of wealth in the economy. Lawmakers concerned about improving the economic and social well-being of families and economic growth should adopt policies that would stimulate the economy, encourage private investments and create job good paying jobs.
Guyana’s Economy Ranks Almost Last Among CARICOM Member States DOWNLOAD PDF The size of an economy is measured by the total value of all goods and services produced in a year – also called Gross Domestic Product (GDP). GDP per-person (also called GDP per-capita) is total GDP divided by the population. The value of…