Guyana records economic growth

The government in Guyana has disclosed that despite external shocks created by the global financial turndown, the country’s economy continues to grow.



Finance Minister Dr Ashni Singh, said the local economy grew by 3.8 per cent in the first seven months of the year compared to the similar period last year.



Dr Singh attributed the economy’s performance to continued efforts by the government to diversify the economy and strengthening of the traditional rice and sugar sectors.



He said based on those results there was likely to be growth of 4.9 per cent for the second half of the year.



However, Dr Singh cautioned that while the local economy appeared buoyant, the second half review might not achieve all the set targets because of the financial crisis that has hit even the world’s leading economies.