Finance Minister Winston Jordan yesterday warned that Guyana’s economy is being battered by global economic conditions and crucial remittances have also taken a hit.
“We in Guyana have not been spared the backwash of weakening global economic performance. For the first time in recent memory, the six pillars that have been the foundation of the economy’s upbringing, namely sugar, rice, bauxite, gold, diamonds and timber, have all suffered major setbacks. Even a seventh pillar, remittances, which account for upwards of 25 percent of GDP, have also recorded decline,” he said at the opening of the 47th Annual Monetary Studies Conference yesterday.
The three-day conference is being held at the Bank of Guyana and was organised by the
