{"id":31792,"date":"2026-09-07T19:12:49","date_gmt":"2026-09-07T23:12:49","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=31792"},"modified":"2026-09-07T19:12:49","modified_gmt":"2026-09-07T23:12:49","slug":"growth-vs-cost-of-living","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/growth-vs-cost-of-living\/","title":{"rendered":"Growth Vs. Cost of Living"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n\n<p class=\"wp-block-paragraph\">-by David Clarke<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Guyana\u2019s economy continues to record rapid growth, with the country\u2019s expanding oil sector complemented by strong performance across the non-oil economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">President Irfaan Ali has made reducing food prices a priority, but as government responds to cost-of-living pressures,&nbsp;economists&nbsp;say it must also balance short-term relief with prudent management of the economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But as the economy expands, government is also focused on ensuring that&nbsp;households feel the benefits, particularly through efforts to reduce the cost of food and other essential goods.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">President Irfaan Ali&nbsp;has repeatedly committed his administration to bringing down food prices and easing cost-of-living pressures.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Economist Richard Rambarran says government\u2019s ability to respond to these pressures is an important part of managing a rapidly growing economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<strong>Secondly, you have the prevailing economic reality that exists. A country and its government must be able to be flexible and adjust and adapt to what is happening within its national landscape. So, for example, cost-of-living crises or cost-of-living hikes.<\/strong> <strong>Government must have the appropriate fiscal space and tools to be able to respond to it. And then, thirdly, there is the long-term and prudent macroeconomic management<\/strong>,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rambarran says the country&#8217;s growth story is not based on oil alone, with the non-oil economy also recording strong expansion.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<strong>If you look at where the funds are going, you&#8217;ll note from 2020 to now how the disaggregation of our expenditures associated with the budget, how that is.<\/strong> <strong>You&#8217;ll find that capital expenditure has continuously expanded in an exponential way, whereas we have increased recurrent revenue in a more gradual way<\/strong>,\u201d he said. <br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As government works to sustain this momentum, measures aimed at reducing the cost of basic goods remain a key priority.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>-by David Clarke Guyana\u2019s economy continues to record rapid growth, with the country\u2019s expanding oil sector complemented by strong performance across the non-oil economy. President Irfaan Ali has made reducing&hellip;<\/p>\n","protected":false},"author":1,"featured_media":31769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[361,536,471,366,363,350,1],"tags":[488,906,448,412,405],"class_list":["post-31792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-and-economy","category-finance","category-infrastructural-development","category-local-development","category-national-transformation","category-news","category-uncategorized","tag-488","tag-economy","tag-ncn","tag-ncn-guyana","tag-ncn-news"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/31792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/comments?post=31792"}],"version-history":[{"count":1,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/31792\/revisions"}],"predecessor-version":[{"id":31793,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/31792\/revisions\/31793"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media\/31769"}],"wp:attachment":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media?parent=31792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/categories?post=31792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/tags?post=31792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}