- Guyana’s economy experienced remarkable growth from 2020 to 2024, with significant expansion in both oil and non-oil sectors.
GEORGETOWN, Guyana, (DPI) – The PPP/C government remains committed to ensuring all of its decisions are aimed at benefitting the lives of the people of Guyana. This vision is aligned with the ‘One Guyana’ initiative, which aims to foster national unity and integration.
President Dr Mohamed Irfaan Ali reiterated that his government’s focus on putting people first will continue into 2025, irrespective of the upcoming elections. He gave an assurance that the upcoming elections will not distract the government from its mission to improve the lives of all citizens.
“Our strategy and philosophy in relation to Guyana is about the people, it has always been about the people. It was never driven by elections, never driven by the desire for power. What we see, is that winning elections and forming a government is a tool in which we can advance the welfare of the people,” His Excellency stated. “The government provides an opportunity to build prosperity for everyone.”
President Ali underlined his administration’s commitment to staying connected to the people and working for the development of every community.
“We don’t run the government on an election’s timetable, we run the government on a people’s timetable and once we have the people at the centre, elections will take care of itself,” the head of state noted.
Commenting on the vision of ‘One Guyana,’ president Ali said that he is confident the initiative will succeed and will unite the nation; and that his government has no alternative but to achieve the goal of ‘One Guyana.’
“This is not about politics, this is about our future, it is about our country, about our people. By 2030 we must be so united and so strong together, so collectively integrated with each other that when the outside world looks at us, they must see the model of cohesion,” His Excellency expressed. “Guyana should serve as a blueprint for cultural and religious integration, with other countries looking to it as an example,” said president Ali, adamant that there is no room for failure in achieving the ‘One Guyana’ vision of his administration.
Meanwhile, reports indicate that ‘we are on our way to building a dynamic economy’ president Ali announced.
Guyana’s economy experienced remarkable growth from 2020 to 2024, with significant expansion in both oil and non-oil sectors. This achievement is attributed to the government’s strategic investments and policies that focus on fostering an environment of economic sustainability and diversification.
President Ali underscored the importance of evaluating the nation’s economic performance and provided a detailed analysis of growth across traditional sectors, and that Guyana’s non-oil economy’s gross domestic product (GDP) expanded by 41 percent over the past four years.
“This is to show that we are on our way to building a dynamic economy, one that will be globally competitive and one that is not stuck or overwhelmingly based on oil revenue,” the president asserted during his live broadcast.
According to the head of state, sectors such as agriculture, construction and mining have contributed significantly to economic expansion.
The agriculture sector expanded by 17 percent owing to better farming techniques, research and infrastructure investments in drainage and irrigation systems.
The president pointed out that the service sector increased by 28 percent, construction by 138 per cent, and mining by a massive 153 per cent.
“You see new hotels going up, ICT services, and telecom services. This is an expansion in the services sector and a massive expansion in the construction sector. People are building more homes and more people are employed. We have far exceeded the 50,000 jobs that we would have committed to in the manifesto,” president Ali highlighted.
The president further stated that increased imports of capital, consumer and intermediate goods are key to sustaining Guyana’s economic growth.
Between 2019-2024, imports increased by 163 percent. This increase was linked to the demand for machinery, construction materials and transportation equipment that was necessary to complement a construction boom. This surge has increased the demand for foreign exchange.
The president pointed out that the projected growth of the Bank of Guyana reserves went from US$575 million to over $1.17 billion at the end of 2024. This growth is directly linked to the revenues from the oil and gas sector, remittances and foreign investments.
These are among the many expansions taking place across multiple sectors, and according to president Ali, they form the foundation for a robust and sustainable economy.
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