By Delicia Janneire | February 5, 2025
Economist Richard Rambarran has praised the fiscal policies outlined in Budget 2025, noting that they are designed to bolster the competitiveness of local businesses and stimulate economic growth.
During a “Budget in Focus” program, Rambarran discussed the government’s ongoing commitment to expanding opportunities for investments, particularly within the non-oil sector.
He highlighted two key measures that will continue to enhance the local private sector’s ability to thrive: the removal of VAT on agricultural machinery, which he believes is a significant step toward advancing the mechanization of agriculture, and the accelerated depreciation of capital for poultry farmers, a move that should provide them with greater financial flexibility.
These initiatives are already generating buzz, with Rambarran reporting that he’s received inquiries from potential investors eager to enter the Guyanese market.
Despite some concerns about inflation, Rambarran emphasized that the policies aim to keep it manageable while ensuring broader growth across multiple sectors.
With agriculture growing by 11.4% and construction seeing a robust 30% increase, Rambarran expressed confidence that the government’s approach will continue to foster balanced and sustainable economic development.