Accelerating Guyana’s Growth Momentum

Abstract

Guyana has been able to reverse decades of economic decline and stagnation with five consecutive years of robust growth during the period 2006-2010. The study probes whether Guyana has finally turned the corner.  The study finds that good policies as well as good luck explain much of the recent growth.  In particular, improved governance, sound macroeconomic management and favourable terms of trade have been the key growth propellers. The paper offers strategies to further accelerate growth in the medium to long term, which include increasing economic dynamism, fully exploiting and better utilising natural resources, and strengthening and entrenching good governance.

Keywords: economic growth, growth strategies, Caribbean, Guyana