Predictions of significant economic growth in Guyana due to the developing petroleum industry are being realized. Guyana’s Gross Domestic Product (GDP) in 2021 was US$8.04 B., representing a 20 percent growth rate. GDP reached the US$4 B mark in 2012 and increased to US$5 B in 2019. From US$8.04B in 2021 the GDP is projected to grow in 2022 by 56 percent which will take its projected GDP to US$12+ B. Its per capita income grew from US$9,000+ to US$10,000+.
Increased spending projections for 2022 reflected the increased GDP for 2021. For example, spending by the Ministry of Works is due to increase from G$40 B in 2021 to G$96 B in 2022. It is due to increase from G$39 B to G$57 B for the Ministry of Health, G$25 B to G$33 B for the Ministry of Education and G$19 B to G$29 B for the Ministry of Agriculture. Total budget projects for 2022 are expected to be G$553 B. Continue reading
GUYANA: POVERTY AND POVERTY REDUCTION IN GUYANA — by Ralph Ramkarran
Posted by Ralph Ramkarran January 28, 2023- Conversatin Tree Blog
The United Nations has more experience than any other international agency in the study, measurement and eradication of poverty. It has embarked on the Third United Nations Decade for the Eradication of Poverty (2018-2027), having completed a first and a second decade. In its recent reports tracking poverty rates, the UN has used earnings of below US$1.90 per day as the basis of measuring poverty. Those living on less than US$1.90 per day are considered as living below the poverty line. Numerous measures have been discussed and debated over decades to lift people above the poverty line, and prior to the covid-19 pandemic, great successes have been achieved in reducing poverty. Continue reading →
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