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Guyanese are reeling as they watch their income and savings whittled away by high cost of living and rapidly increasing prices. Confirmation the economy is in free fall came from the Bank of Guyana Report that basic essentials like food, transportation and gas prices have skyrocketed. The Report stated that at March the inflation rate was 1.7 percent and by year end is projected to be 4.1 percent, which represents an increase of more than 100 percent.
Concerned analysts note that while the economy is in free fall the government has no plan to cushion the economic blows. Others are concerned about the Irfaan Ali administration’s ability to address the ailing economy and citizens’ growing concerns as they watch government officials on the social circuit. The greater majority of people feel shafted and let down, said one analyst who will prefer not to be named. Government officials within recent times have been attending cocktails upon cocktails such as those with the United States (U.S), China, Brazil.
The Bank reported that the increase in inflation is driven by higher world food and oil prices due to supply. To the supply side challenge, governments around the world have been seeking and implementing new measures to manage inflation and rising prices.
For instance, even as the U.S hosts cocktails in Guyana, the Joe Biden administration, through a series of Executive Orders, have implemented federal policies to nudge the supply side of the U.S economy, and drive down food, gas and auto prices. There are many other examples to show that these cocktail host countries are attending to their domestic interest.
Guyana has joined the enviable rank of being among the world’s fastest growing economies. Initial international prediction has projected the country’s Gross Domestic Product (GDP) would grow by 47.2 percent but the Bank has since reported the country will record real oil GDP growth of 49.6 percent while the non-oil economy is estimated to grow by 7.5 percent. Guyana’s oil revenue this year is almost US$1 Billion (US$957.6 Million). Last year, Guyana’s exports to the United States alone totalled US$1.7 Billion