Western Hemisphere > Guyana

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International Monetary Fund. Western Hemisphere Dept.
Economic growth slowed down, but became more broad-based. In 2017, real GDP growth was 2.1 percent, with the non-mining GDP rebounding from its contraction in 2016. The external balance turned negative due to weaker than expected export growth and higher oil prices. Inflation remains relatively low, and the monetary stance accommodative. Oil production is expected to commence in 2020, and additional oil discoveries have significantly improved the medium- and long-term outlook.
International Monetary Fund. Western Hemisphere Dept.
This 2017 Article IV Consultation highlights the expansion of Guyana’s real economic activity by 3.3 percent in 2016. Subdued agricultural commodity prices, bad weather, and delays in public investment weighed down activity, while large increases in gold output helped support growth. Consumer prices increased by 1.5 percent in the 12 months ending in December 2016 as weather-related shocks to food prices reversed the deflationary trend. The macroeconomic outlook is positive for 2017 and the medium term. Growth is projected at 3.5 percent in 2017, supported by an increase in public investment, continued expansion in the extractive sector, and a recovery in rice production.
Ahmed El-Ashram
The question of how scaling up public investment could affect fiscal and debt sustainability is key for countries needing to fill infrastructure gaps and build resilience. This paper proposes a bottom-up approach to assess large public investments that are potentially self-financing and reflect their impact in macro-fiscal projections that underpin the IMF’s Debt Sustainability Analysis Framework. Using the case of energy sector investments in Caribbean countries, the paper shows how to avoid biases against good projects that pay off over long horizons and ensure that transformative investments are not sacrificed to myopic assessments of debt sustainability risks. The approach is applicable to any macro-critical investment for which user fees can cover financing costs and which has the potential to raise growth without crowding-out.
International Monetary Fund. Western Hemisphere Dept.
This paper discusses recent economic developments, the outlook, and risks for the Czech Republic. The economy has been growing at an exceptionally strong pace. Driven by robust domestic demand, output expanded by 4.2 percent—the highest rate in the central and eastern European region—in 2015. Labor market performance has been strong. Fiscal performance was better than budgeted in 2015. The banking sector is stable, and credit growth continues to strengthen. However, economic activity is expected to slow in 2016. Private consumption will remain robust on the heels of higher disposable income and employment, but the projected slowdown in EU-fund absorption will weigh on growth.
International Monetary Fund
Despite external and domestic shocks, the Guyanese economy demonstrated resilience and registered a fifth consecutive year of robust growth in 2010. The authorities started making payouts to Colonial Life Insurance Company (CLICO) policyholders, in line with their plans to minimize fiscal costs. Efforts to improve the Guyana Revenue Authority (GRA) continued. Its new functional organization was consolidated, improving further the integrated tax information system (TRIPS), the profiling of taxpayers, and on-site inspections at the country’s ports of entry. Executive Directors endorsed the authorities’ Low Carbon Development Strategy.
International Monetary Fund
Guyana has weathered the impact of the global crisis well by regional and global standards. The current account deficit declined by 5 percent of GDP (to 8.5 percent of GDP), largely led by a reduction in imports, particularly of fuel. Macroeconomic policies have remained prudent. Monetary policy tightened somewhat in 2009, supporting the decline in inflation and external stability. Structural reform has continued to focus on further reducing vulnerabilities and entrenching long-term growth. The authorities have consolidated insurance and bank supervision at the central bank.
International Monetary Fund
This paper reviews Guyana’s progress under the Enhanced Initiative for Heavily Indebted Poor Countries (HIPC). The staff of the IMF and IDA considers that Guyana’s performance with respect to the conditions for reaching the completion point under the enhanced HIPC Initiative has been satisfactory. The authorities were able to establish a track record of satisfactory policy implementation under the Poverty Reduction and Growth Facility (PRGF)-supported program, evidenced by the completion of the first program review in early September and good progress toward meeting the conditions of the second review due in February 2004.
International Monetary Fund
The statistical data on value added by sector at current prices, value added by sector at constant prices, GDP by expenditure at current prices, consumer prices, population estimates, employment in the public sector, summary of the operations of the public sector and operations of the central government of Guyana are presented in this paper. The data on monetary survey, accounts of the bank of Guyana, value, price, and volume indices for exports and imports commodity, and related economic indices are also presented.
Mr. Simon Cueva, Mr. Stephen Tokarick, Mr. Erik J. Lundback, Ms. Janet Gale Stotsky, and Mr. Samuel P. Itam

Abstract

This paper focuses on the independent states that are full members of the Caribbean Community. It provides background information on recent developments in the Caribbean region and lays out the principal policy issues that countries will need to address in the period ahead. The Caribbean countries face several common problems and must deal with similar economic policy issues. Consequently, concentrating on the regional perspective permits a comparison of the individual responses to similar problems. The regional view throws light on the countries' movement toward convergence. The economic prospects for the region are generally satisfactory over the medium term, but the projections depend importantly on the resolve of governments to pursue appropriate policies, as well as favorable developments in the rest of the world. The relatively favorable outlook for the region is not without risks, such as a slowdown in growth in the major trading partner countries or a term of trade shock.

Mr. Alvin Hilaire
In the late 1980s Barbados, Guyana, Jamaica, and Trinidad and Tobago found themselves in severe economic difficulties. Their ensuing economic strategies were all market-based, featured fiscal contraction and trade liberalization, multilateral support loans and, later on, tax and financial sector reforms. However, exchange rate, monetary and public sector wage policies varied greatly. Choice of exchange rate regime was not as fundamental to successful stabilization as was fiscal action, complemented by, but without undue reliance on, monetary policy. The policies employed to reduce debt and to diversify the economic bases also help t lessen vulnerabilities to future economic shocks.