The Opposition PNC/APNU is questioning the recently released mid-year report of the Ministry of Finance, stating that the economic growth and the expansion in several sectors that the report referenced may not be reflective to most Guyanese.

Economic Advisor to the Opposition, Elson Low on Monday said if the economic situation was as good as reflected in the report, citizens would have been enjoying a better standard of living.

“If Guyana’s real economy grew by an estimated 49.7% in the first half of this year, and if government oil revenue flowed at the rate of hundreds of millions of US dollars a month, why can’t Guyanese see a significant increase in their income? The recent teacher strike and negotiations are an example of this paradoxical situation. The government must surely have known these were the growth numbers for the first half of the year, yet they stuck to a salary increase number so anemic teachers have been left bitterly disappointed,” Lowe said.

Lowe says the Opposition maintains that people must benefit more directly from any economic growth of the country.

Mr. Lowe said given the development and investment resources in the hands of the Government from oil revenues, one must ask whether the non-oil economy should not be performing far better in terms of greater production, higher productivity, more valued-added, and wider diversification. 

“To create a booming non-oil economy, however, would require new and wide-ranging approaches, none of which is in place under the PPP regime. For example, infrastructure spending has to be more directed towards boosting production and productivity. Access to credit has to be made easier and cheaper. Access to land has to be simplified and depoliticized. Disposable income has to be increased several times. Corruption must be tamed. And so on. None of this will occur under the inept PPP.” Lowe noted.

While the report estimates inflation to be around 4% the Opposition said it is the view of many citizens that prices of essential food items have increased by around 20% since mid-last year.

“The PPP’s mid-year report makes no difference to the lives of Guyanese. Mid-way through the life of the third oil budget, life in ordinary Guyanese households has not in any way become more prosperous or comfortable. On the contrary, it has become more stressful and burdensome,” he stated. 

The Government has been defending its spending in several sectors. This year’s national budget was just over $1.1 trillion, and the Government has already returned to the National Assembly for additional funds.

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