Jagdeo’s economic management: Is there anything to appreciate? – Part 1
On September 16 a grand day of appreciation was hosted for President Bharrat Jagdeo. The President’s friends planned a grand occasion to hail his achievements in government. The resources of the state were utilized to entertain the party faithful at a stadium paid for by a U$19 million loan from India (the other US$5 million was aid from India). The people of Guyana regardless of political views will have to repay the stadium loan. The President’s chosen presidential candidate, Mr Donald Ramotar, got free campaign publicity as he gave thanks to the man who manoeuvred the party’s internal election to allow him to circumvent other presidential contenders like Mr Moses Nagamootoo and Mr Ralph Ramkarran.
I will outline and analyze President Jagdeo’s economic development achievements in this column and the next. I will paint the common features of the President’s economic policy. I will examine the much talked about macroeconomic stability that the faithful attribute to the President’s shrewd management of the economy. Was this stability due to the President or certain structures like the underground economy, remittances, the nature of capital inflows and competition in the banking sector? I will posit an answer to this question. I will also examine the rate of …..To continue reading, login or subscribe now.