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World Bank projects 51.7 % growth for Guyana

but warns that COVID-19, incomplete elections, falling oil prices could stymie economic transformation

AN INCOMPLETE general and regional elections, coupled with the effects of the Novel Coronavirus (COVID-19) pandemic and falling oil prices, could stymie Guyana’s potential economic boom, said the World Bank.

The World Bank, in a semi-annual report on the Latin America and Caribbean Region, titled: “The Economy in the Time of COVID-19,” said: “Guyana’s economy expanded by 4.7 per cent in 2019, with anticipated oil revenues spurring an expansion in nontraded sectors. Oil production is projected to boost GDP growth to unprecedented levels in 2020.

“While this could transform Guyana, there are risks, as illustrated by a still incomplete election outcome, and compounded by falling oil prices and the Covid-19 epidemic. Weak public service delivery and monitoring systems constrain the development of policies to reduce poverty and protect the vulnerable.

Coming off of a good run in 2019, with recorded economic growth of 4.7 per cent, Guyana’s continued progression and transformation was inevitably halted by the COVID-19 pandemic, which has so far infected about 45 persons and killed six locally.

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