Guyana’s economy grinding to a halt; Jagdeo has “major concerns”

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Stabroek[www.inewsguyana.com] – Opposition Leader, Bharrat Jagdeo is fearful that Guyana could be heading for a major financial crisis even before hitting an economic crisis.

The PPP Leader told a news conference on October 24 that he has “major concerns about the economy and it grinding to a halt.” He said this is not just reflected in the country’s growth rate but in the loss of income and jobs.

“My fear is that we may have several financial crisis long before we have an economic crisis, particularly with the currency and with our banking system,” Jagdeo told reporters.

Guyana recorded a 2.5% decrease in its economic output for the first half of 2015 when compared to 2014, according to the Mid-Year Report, released by the Ministry of Finance.

According to the Report, at the time of the preparation of Budget 2015, preliminary estimates had indicated the country’s half year growth rate at 0.9 percent. The Report stated however that with the passage of time and the benefits of the actual first half performance in a number of sectors, the country recorded real Gross Domestic Product (GDP) of 0.7 percent in the first half of 2015, with non -sugar GDP recording a growth rate of 0.8 percent.

Meanwhile, the Opposition Leader said he recently met with some businessmen in Region 5, who expressed “grave misgivings” about the law that is currently before Parliament – the Financial Institution Amendment Act.

According to Jagdeo, the businessmen are worried that the Guyana Revenue Authority (GRA) “will be used politically to go after their information and I am very fearful about what this could trigger.”

Opposition Leader, Bharrat Jagdeo. [iNews' Photo]
Opposition Leader, Bharrat Jagdeo. [iNews’ Photo]
The Opposition Leader noted, “Many of them probably will pull their money out of the system. If that happens you will have a large scale movement of resources, switching to US dollars or to be externalized to capital fund; this could cause a run of the banks as well as major problems with our currency and I urge the government to be careful about the signals they’re sending because if that were to ever happen, we will trigger a crisis of unimaginable proportions in this country.”

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21 COMMENTS

  1. Jagdeo should be ashamed to hilight that Guyana’s economy shows decline in the 1st half of 2015 because it was the PPP running the country at that time. The sugar workers should be thankful because at that time guysuco had no money to pay them and all their credit union money could not be accounted for. I don’t know why
    People keep on referring to Burnham when so many years gone by. LOOK AHEAB GUYANESE LOOK AHEAD TO THE FURURE. STOP CRITICISING AND HOPE FOR
    THE BEST BECAUSE DEM POLITICIANS LIVING IN MANSIONS WHEN WE STRUGGLING SO WHOEVER IN GOVERNMENT JUST
    HOPE AND PRAY THAR AOMETHING IS
    DONE TO DEBELOP THE COUNTRY.
    PS
    WHY SHOULD
    WE WANT JAGDEO WHEN HE WANT GIVE AWAY THE
    COUNTRY WE NEED A MAN WITH BACK BONE NOT A MANAHEE. SOMEBODY WHO WILL STAND Up FOR THE PEOPLE WHO CHOOSE HIM.
    Thank you.
    GMAL

  2. Anni, Jagdeo is just as unintelligent as you….. The country was grinding towards recession whilst your “Brilliant” dictator was in power…. Problem is that the economy under the PPP was a Ponzi scheme and the only economy flourishing was the narcotics being shipped out until the squeeze came and the white lady wasn’t getting out is she used too….
    You need to measure a country’s development not on how many chicken and roti shacks are being opened or flinging up big ugly buildings with nuff windows to demonstrate progress but how filthy your streets are, run down and broken infrastructure throughout the country, disparity if incomes between rich and poor and how many of you all run out the country like rats leaving the drinking ship…. If all was so fabulous within Jagdeos Guyana why were so many of you all of you, especially from one sector of society, queuing day after day in lines which were reminiscent of bread queues in soviet Russia applying to get out to anywhere that would take you…..

  3. Jagdeo and the PPP party have always been prophets of doom,since this Coalition took office,but not you or your corrupt cabal can stop the progress that`s on its way.You started with the strikes in the sugar industry,but even there,you are going to be defeated.You don`t have any authority to advice this government on any issue,they are an intelligent lot and will do what it takes to be successful.

  4. BURNHAM IS DEAD YOU GOT TO LEAVE HIM ALONE . THE FORMER PRESIDENT IS RACIST TOWARDS BLACKS YOU KNOW THAT .AND HES GOING TO JAIL FOR STEALING LANDS , AND BILLIONS AND GIVE IT TO HIS FRIENDS AND FAMILY

  6. INDIANS LIKE YOU ARE RACIST AND DONT WANT TO SEE THIS COLATION GOVERNMENT DO GOOD . PPP HAD THE GOVERNMENT FOR23 YRS AND GUYANA IS STILL A THIRD WORLD COUNTRY

  7. How are they going to take Guyana forward when they have to vision for it’s development? Jajdeo may have made mistakes but he is the brilliant one that have the ability to make what seems impossible possible.Yet the negative pnc supporters just being racist or hateful cannot wait to strike at him for every comment he makes.The evidence surrounds us each day yet we simply ignores the fact that the country is stagnated.

  10. First of all Jagdeo in not a clown the whole PNC and AFC are the clown some people did not go to school so i will excuse that first of all what is the PNC doing to take Guyana forward the have no plan in place after all since they took office all i read is what the PPP/C was doing when there were in office but never the less the PPP/C never talk about what the PNC did when the PPP/C take office they had no time for nonsense there were busy developing this great country we have Guyana.

  11. Now this clown is worried about GRA using the information politically. Clown, you know it well because you did exactly the same thing with KN information which you got illegally from the same GRA. How come there are no letters in the press by the CG of GRA debunking Jagdeo’s claim because he likes to write letters when people write anything about the CG or GRA.Like he is still loyal to them.

  13. You, just like Jagdeo, full ah SPIT!!!
    That is sheer PUTINOMICS! !!!

    How in their right mind will pay attention to someone with an Economics degree from “PUTIN COUNTRY “😆

  15. nothing but bharrat jagdeo’s speculations driven by the uncontrollable urge in him to put fear into the psyche of gullible and naive guyanese to get them to believe his trash. bharrat jagdeo is nothing but a bungling fool looking for relevancy in the national dialog at this time as; report after report are coming out about 23 long years of corruption and lawlessness by the ppp regime.

  21. If their monies are legally earned, and they pay their taxes what can they worry about? Nothing. But, if it”s not they better hide it well else easy come easy go will apply especially with this crime spree happening.

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