IMF commends Guyana on its economic growth

The International Monetary Fund (IMF) has commended Guyana’s economy for exhibiting resilience and registering a fifth consecutive year of robust growth “despite external and domestic shock in 2010.”

Guyana is projected to grow by four percent this year “supported by increased activity in the sugar, gold and services sector, the IMF said.

A team from the IMF headed by Therese Turner-Jones recently visited Guyana and after released a statement in Georgetown.

“An IMF mission visited Guyana from Nov. 8 – 18 to conduct the Fund’s yearly review of the Guyanese economy. Despite external and domestic shocks in 2010, Guyana’s economy has exhibited resilience, registering a fight consecutive year of robust growth. Real Gross Domestic Product (GDP) is projected to grow by just under four percent this year, above the outturn in 2009, supported by increased activity in the sugar, gold and services sector.

“Notwithstanding downside risks, including the global environment and concerns in the sugar sector, the team expects growth to continue on a steady path, supported by expansion in the mining and construction sectors. Despite a small increase reflecting movement in food prices inflation remains relatively low, according to the IMF.

The IMF said that it welcomed the continued improvements in public financial management and tax administration, especially with respect to compliance and risk management.

It also welcomes the increase in the gross foreign reserves position, to about five months of imports at present.