The Irfaan Ali-led administration is earning commendation for its substantial investments in the non-oil sectors of Guyana’s economy.
Renowned economist Dr. Terence Yhip, originally from Guyana and now based in Canada, hails these efforts as a significant stride toward enhancing the quality of life for all Guyanese.
This strategic move involves directing substantial funds into non-oil sectors, with a primary focus on infrastructure. The aim is to bolster the country’s long-term competitiveness and reduce dependence on fossil fuels.
Dr. Terence Yhip sees this as a positive and far-reaching initiative by the current administration. He believes it has the potential to bring about positive changes in areas that have historically been underserved, leading to broader economic benefits. One such area of notable investment is the healthcare sector.
The economist underscores that these investments could contribute to bridging the gap between services offered on the coastland and those in the hinterland regions of Guyana, particularly in education, healthcare, and infrastructure.
The government has pinpointed transportation infrastructure, energy, agriculture, and tourism as the driving forces behind its ambitious plan to transform the country over the next five years.
In the first half of 2023, the non-oil sector of the economy expanded by 8.3 percent compared to the previous year, while the overall economy grew by 36.4 percent. Guyana’s economy achieved remarkable growth of over 62 percent in the previous year and is projected to conclude 2023 with a 38 percent expansion. The government envisions maintaining an annual growth rate exceeding 20 percent throughout the remainder of the decade.