Guyana has done remarkably well To the Editor
Guyana Chronicle
January 15, 2002

It seems that a concerted and perhaps centrally directed propaganda programme is being carried out to promote a pessimistic attitude in the minds of Guyanese with regard to the prospect of economic development now and in the future.

Every day on certain television stations, and in certain newscasts, and by certain writers in the letter columns, a gloom and doom perspective for the future is being painted.

Most recently in Prime New of January 8, we are told that there is a lot of pessimism in the country’s economy in light of many unsolved issues that need urgent attention. According to Professor Clive Thomas, the country will continue to face serious problems this year.

We are not alone in facing economic problems. In many countries around the world including highly developed ones, serious economic problems either have emerged or are continuing.

Japan, an economic giant has been facing serious economic problems for the last 10 years and is still grappling with various problems to overcome them. They are said to be in recession because they had negative growth for two quarters.

In Germany, during this election year for them, the present government is in problems because they had promised to reduce unemployment. However, this has gone up each month for a year and is predicted to shortly reach four million.

Argentina, a third world country is in serious economic difficulties and has an international debt of $132 billion and recently decided to stop payments. They have even had five Presidents in three weeks.

The economy of United States of America was slowing down prior to the September 11 terrorist attack and has been taking several steps to avert going into recession, a possibility which it is still facing.

Many other countries, developed and developing have their own problems also.

While there is no doubt like many others that we have our own problems, Guyana has done remarkably well, as one International Financial Institution said some time ago, and as the UNDP representative said in reference to Guyana’s improved position on the Human Development Index, this is good news for Guyana.

Despite our problems, Guyana continues to hold its own because of its prudent fiscal policies and this has been mainly due to our commitment to transparency and accountability, which is recognised by International Financial Institutions. These policies were in the hands of our former Finance Minister who is now our President, His Excellency Mr Bharrat Jagdeo.

Under the present administration, while we have our own problems, there is absolutely no cause for pessimism and indeed we can have every confidence in our future.
John Da Silva