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The growth outlook for the Guyanese economy, is now severely threatened by an external environment that has resulted in delayed materialising of critical foreign direct investment projects, lingering adverse price conditions for some key exports such as bauxite, and the onset of trade conditions that might more likely retard, rather than promote growth.Dr Ashni SinghThis is according to Finance Minister, Dr. Ashni Singh,Cheap NFL Jerseys Wholesale, who was speaking to the 39th annual meeting of Board of Governors of the Caribbean Development Bank, held recently in the United Kingdom.Singh reported that key priorities for the immediate and medium term include the need for further reform to Guyana’s sugar sector, to ensure its competitiveness,Cheap NFL Jerseys, “facilitating increased private investment in both traditional and new and emerging productive sectors, reducing the cost of energy by harnessing Guyana’s vast and proven hydropower potential, increasing investment in physical infrastructure,NFL Jerseys China, and expanding social programmes rapidly, if we are to stand a realistic chance at meeting the millennium development goals, all within the context of fiscal and debt sustainability.”Dr. Singh, reported that it was against that background,Wholesale Jerseys Free Shipping, that the Bank’s (CDB) work in Guyana, continues to be most relevant to the agenda for growth and poverty reduction.He added,Cheap NFL Jerseys Authentic, that given the importance of the Bank’s work to the implementation of Guyana’s development agenda, “We welcome the Bank’s continued strong performance. We commend the several initiatives being implemented to enhance operational efficiency, including the investment in information and communication technology, and improved human resource management practices.”He highlighted Guyana’s strong economic performance over the past three years, with particular emphasis on 2008, and outlined future plans.Dr. Singh summarized the projects being implemented by the CDB in Guyana, and commended the strong performance of the Bank, noting that it has an important role to play in assisting Caribbean countries in these difficult and uncertain economic times.On Guyana’s economic performance, he noted that 2008 marked the third successive year that Guyana was able to achieve positive growth in gross domestic product (GDP). The 3.1% growth was even more significant, given that there were contractions in two of the three traditional industries upon which the Guyanese economy is based – sugar and bauxite.He also explained that the Government was able to keep inflation to a manageable rate of 6.4%, despite rising world prices for numerous commodities including wheat and oil.Dr. Singh explained, that several initiatives were instituted to combat inflationary pressures.These include temporary reduction in the excise tax on fuel and subsidies on baked wheat products to more permanent measures,Cheap Jerseys China, such as the National Grow More Campaign which ensured affordable food prices for the Guyanese public.
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