Winston Felix

Issues in Guyana's Development Winston Felix

Publisher Marketing: Historically, Guyana's economy has been dependent on sugar. However, other commodities such as bauxite, rice and gold has made significant contributions to the economy. Guyana's economy registered a growth rate of 5.4 percent in 2011. This is a relatively high growth rate considering the recent global financial crisis which affected other Caribbean countries. However, it is important to note that this increase occurred as a result of the increased demand for gold on the world market and the performance of the non-traditional sectors. The performance of the economy indicates that Guyana has a major competitive advantage in resource endowment, relative to its size. When compared with other Caricom countries, the economy has a range of natural resources which exceeds the rest of Caricom countries combined. In 2011, gold export receipts were US$517.1 million, 49.3 percent higher than the 2010 level, reflecting favorable prices and higher volumes exported.