The Private Sector Commission (PSC) is upbeat about the prospects for Guyana’s economic fortunes once oil and gas becomes a factor in the country’s economy and says that the promise of this is already being manifested in what it says are “significant inflows of foreign direct investment to our shores,” a phenomenon that is “improving our external accounts whilst stimulating our economy.”
In an article which appears in the 2019 issue of Business Guyana, the annual journal of the Georgetown Chamber of Commerce and Industry (GCCI), the PSC predicts that the country’s economic health “will improve drastically in the short to medium terms” against the backdrop of the anticipated coming on stream of oil production “in a matter of months.”
In asserting that it is cognizant of an increasing drift towards a positive national economic climate, the PSC says in its article that “businesses are forming, expanding, learning and building capabilities necessary for unimaginable amounts of prosperity that will flow.” The PSC foresees “investments specifically geared for oil and gas servicing” as well as further investments in agriculture, manufacturing and tourism, among others. These sectors, the article says, “are positioning themselves to take to take advantage of the massively increasing demands as potential and committed investors along with employees and other experts flood our shores.” Guyana’s economy “is about to witness a transformation like no other.”
