WEDNESDAY 11th January, 2023
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Guyana to sustain double-digit growth No.106959
VAT INCLUSIVE
–– even as region experiences slowdown in economic advancement, World Bank reports
THE World Bank has said that Guyana will continue to record positive economic growth over the next two years, even as the Latin America and Caribbean region experiences a slowdown in economic progress. According to the international financial institution in its latest publication, Global Economic Prospects, Guyana is on course to recording growth of 25 per cent this year and 21 per cent next year. “Aside from Guyana, which remains in a natural re-
sources-fueled growth boom, the sub-region faces renewed headwinds,” the World Bank said. Progress in this year will continue from the successes recorded last year, when the country’s economy grew by well over 50 per cent. Guyana’s prospects remain bright even as growth in Latin America and the Caribbean is projected to slow from an estimated 3.6 per cent in 2022 to 1.3 per cent in 2023, before recovering somewhat to 2.4 per cent in 2024.
“The forecast for 2023 has been downgraded since June by 0.6 percentage point. The sharp deceleration of growth this year reflects efforts by the region’s monetary authorities to tame inflation, and spillovers from weakening global growth. Per capita GDP growth is expected to be just 0.6 per cent in 2023,” the World Bank said.
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