As part of its plans for the 2011, the Private Sector Commission (PSC) is to meet with the leadership of the political parties to ensure polls are conducted in a peaceful manner.
According to a release from the PSC, the body plans to meet with the leadership of the political parties contesting this year’s election to ensure that the event is conducted in a safe and peaceful manner. At the same time, the PSC noted that it will continue to collaborate with the disciplined forces to ensure a safe environment to enable growth in the sector.
The PSC said it is cognizant of its vital role as an advocate for the private sector in Guyana and it was noted that the commission intends to speed up the activities of the National Competitiveness Strategy (NSC) in order to enhance the business environment in Guyana. It noted that its role was considerably enhanced when the body entered into partnership with the government–initiated NCS in 2006.
The PSC forecasts Guyana’s economy to remain positive in the new year, with economic growth expected to be fairly strong. It was noted that the consistently high and volatile prices for crude oil on the international market continues to impact on domestic prices and are a drain on the country’s foreign resources.
As regards the sugar industry, efforts will have to continue to be directed at addressing operational issues to increase the sector’s resilience, the PSC noted. It added that the rice sector should capitalize on the gains made in 2010. The bauxite sector meantime would continue to be faced by a muted recovery for its production. The PSC stated that the trend in the international price for gold should continue to be the same in 2011, influenced mainly by perceptions on risk as investors monitor the major economies for signs of definite and sustained growth.
The PSC commended the government for its contribution in 2010 and the body stated that the authorities have kept the country relatively stable, despite many challenges and constraints.
As regards the sectors’ contribution to the national economy during 2010, the PSC noted that while data is still being compiled, growth of GDP for the first half of the year was 2.8% and this was driven primarily by growth in the services sector as well as in some agricultural and mining outputs.
It was noted that contributions from the rice and forestry sector contributed greatly to the expansion of the economy while improved performance in the information, communication and distribution sectors also had a positive impact on the economy.
For the first half of 2010, the balance of payments, while showing a surplus, was less favourable than at the same time in 2009.It was noted that export receipts were up to US$398.6M from US$354.7M at mid-2009 and the PSC stated that the latter was attributed to an increase of the export price for all major commodities except sugar. Overall receipts for sugar for 2010 are expected to be less than in 2009, the PSC stated.
By mid-2010, the Guyana dollar depreciated by a marginal figure of 0.25% as foreign trade increased, putting pressure on the exchange rate in the process. However, by the end of the third quarter, the rate had stabilized and marginally remained at $203.50 to US$1.
During 2010, the body also participated in a number of activities including the Brazilian Entrepreneurship Fair in Boa Vista, Brazil, where 11 local companies participated. The fair was designed to promote investment and trade and to formulate avenues for strengthening trade relations between the two neighbouring countries.
Executives of the body also met and held discussions with visiting delegations from Kuwait and Korea, and these meetings were facilitated by the Guyana Government. The PSC stated that there were promising and productive deliberations at each of the engagements.
