Guyana predicted to see second highest economic growth in South America in 2014

GEORGETOWN, Guyana (GINA) — The International Monetary Fund (IMF) in its World Economic Outlook, released on Monday, predicts that Guyana is expected to see the second highest economic growth for South America in 2014, just behind Peru.

GUY_lgflagThe IMF said Peru is forecast to have the highest economic growth of 6.1 percent and the lowest inflation in South America in 2014, followed by Guyana at 6 percent, Bolivia- 5 percent, Chile and Paraguay at the same rate of 4.6 percent, Colombia and Suriname each pegged at 4.5 percent, and Brazil and Uruguay at the same level of 4 percent.

Meanwhile, the countries predicted to register the lowest economic growth are Venezuela with 2.3 percent, Argentina pegged at 3.5 percent and Ecuador with 3.9 percent.

The report also states that the country predicted to post the strongest economic growth this year is Paraguay with 11 percent, followed by Peru and Guyana with 5.5 percent, Chile with 4.9 percent, followed by Bolivia with 4.8 percent and Suriname 4.5 percent.

Countries predicted to have lowest economic growth are Venezuela with 0.1 percent, Argentina, 2.8 percent, Brazil, 3 percent, Uruguay, 3.8 percent and Colombia with 4.1.

Finance Minister Dr Ashni Singh, in his 2013 National Budget presentation, had stated that “bolstered by our unswerving commitment to task, our government ensured the preservation of a policy environment that remained conducive to economic growth and social development throughout 2012. The result was a seventh consecutive year of real growth in our economy and associated strong macroeconomic performance, continued diversification of the productive sector, substantial progress on catalytic infrastructural projects, further strengthening of our social services, and visible improvements in our regulatory and institutional environment.”

Looking ahead to 2013 and beyond, Singh stated that government’s policy agenda continues to be aimed at building a Guyana that is truly a land of opportunity and prosperity for all, and it will remain undaunted and unfazed in the quest to realise this vision.

“To this end, we will continue to be guided by the seven prerequisites outlined last year, namely, a strong democracy, reliable and efficient institutions of state, long-term macroeconomic stability, economic diversification and growth, expanded physical infrastructure, high quality social services, and environmental responsibility and sustainability,” he said.

All of these priorities, the minister stated, are reflected in Budget 2013.

The World Economic Outlook is a survey published twice and partially updated three times a year by the IMF. It portrays the world economy in the near and medium term context (basically four years). It forecasts include the macroeconomic indicators, such as GDP, inflation, current account and fiscal balance of more than 180 countries around the globe and deals with major economic policy issues.

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