See below for full statement from AmCham Guyana on the 2021 National Budget:
The American Chamber of Commerce (AmCham) Guyana commends Dr. Ashni Singh, and the Government of Guyana for its annual Budget presentation 2021.
The Budget presentation provided a comprehensive picture of the Government of Guyana’s short- and medium-term vision to propel the economy towards a more resilient and diversified growth path. The COVID-19 pandemic has resulted in significant economic stress, negatively impacting governments and businesses alike. Therefore, the Chamber supports the budgetary policies that balance revenue generation while maintaining a favourable investment climate that supports growth in key sectors of the economy.
The increase in investment and spending in the health, education, security, and public infrastructure sectors are commendable. The allocation of G$235M to improve the Ease of Doing Business rankings is essential for continued investment in Guyana. The Chamber welcomes partnerships with the Guyana Government on programs geared towards improving the business climate and strengthening trade between Guyana and the United States of America.
AmCham is especially pleased and encouraged by the allocation of G$250M to assist micro businesses and aid in their growth. The continued support to SMEs is critical as it will help to mitigate the economic downturn from COVID-19 and contribute to faster and stronger economic recovery.
The Chamber welcomes Dr Singh’s projected growth of 20.9% of which non-oil growth is 6.1%. We acknowledge that the positive growth outlook is subject to downside risks due to the uncertainties of the COVID-19 pandemic.
Notwithstanding that, Guyana remains one of the few countries with strong growth projections. AmCham remains optimistic that the outlined fiscal measures will contribute to a more conducive climate for trade, investment, growth and development. The Chamber reiterates its commitment to work with the Government to collaborate on R&D efforts in healthcare, technology, fintech, cybersecurity and other key sectors, as Guyana continues to grow and takes its place as a regional leader in the Caribbean and South America.
A more detailed analysis of the Budget will be forthcoming.
