Guyana’s inflation rates decline due to the various measures implemented by the Government to ensure Guyanese weather global economic challenges, as conditions continue to take root.
This is according to Finance Minister, Dr. Ashni Singh who stated in a release to the media on Saturday that the Government remains focused on fully implementing its trillion-dollar 2024 budget.
The Finance Ministry referenced the global challenges Guyana had to grapple with, including continued disruptions to production and supply chains, renewed escalation in freight costs, and interest rates uncertainty, given persistent global inflationary pressures, all of which were exacerbated by conflicts and the threat of conflicts.
“Despite persistent repercussions of the global poly-crisis- lingering public health challenges, the ever-present realities of climate change and exposure to natural disasters, and the domestic pass-through of global economic realities and policies continued to weigh on the economic landscape within which Guyana operates, the country’s economy continues to record strong growth,” the statement said.
The government’s success in weathering the global economic challenges and achieving economic growth was also alluded to by Dr. Singh.
In the statement, he was quoted referring to the initiatives the government took, which have also played a role in ensuring that the inflation rate which stood at 4 per cent at the end of June, is now projected to be 3.2 per cent by the end of 2024.
According to the Ministry, the government ensured a “2024 Budgetary commitment of over $70 billion to sustain efforts to increase the disposable income available to citizens while ensuring their improved standard of living. (Maintained) the zero per cent excise tax on petroleum products. Freight charge reductions (and) continuance of the part-time job programme.”
These initiatives also included the government’s aggressive investment in energy and transport infrastructure, as well as investments in hospitals and schools, the further rollout of its housing and water programme which are well on the way to reaching the targets set by the government and the expansion of technical and vocational training.
“These and other initiatives, along with our strong policy stance in relation to attracting and stimulating private investment, have resulted in the economy continuing to achieve extraordinary rates of real economic growth. This, in turn, means more economic opportunities for all Guyanese,” Dr. Singh said.
“As we navigate the second half of 2024, our government remains firmly focused on ensuring the full implementation of Budget 2024, with the constant aim of improving the lives of every single Guyanese family and every single Guyanese person.”
Back in January 2024 when Dr. Singh had presented the budget, it had been under the theme ‘Staying the Course: Building Prosperity for All’. And according to the finance minister, the government did just that, maintaining its focus on improving the lives of Guyanese families.
“The Budget reiterated our aim that every Guyanese family must be in a position to meet certain basic needs viewed from a comprehensive multi-dimensional perspective. In particular, the Budget emphasised the importance of every family having access to decent housing including the potential to own their own home; sufficient nutritious food to experience zero hunger; good quality healthcare from conception to old age.”
“Relevant educational and skills training opportunities to equip those of employable age for the world of work; potable water and sanitation; and recreational facilities to support healthy living for people of all ages. Significantly, Budget 2024 also highlighted the relevance of these necessities not only for current comfort but also for long-term economic empowerment.”
According to the ministry, since returning to office in August 2020, the government’s goal has been not only to modernise the country through massive infrastructural projects but to also further improve and provide world-class social services to citizens and give them opportunities to grow and accumulate wealth.
“The 2024 Mid-Year Report underscores the government’s outstanding economic performance achieved in the first half of the year while highlighting many of the challenges faced and risks to successful implementation of the policies, programmes and projects outlined in Budget 2024,” the Ministry added.
