It has been more than 30 years since Guyana embraced free market principles that advanced the private sector as the engine room of the country’s economy. Since then we have articulated all sorts of views that seek to explain what has retarded our progress and what might be the possible remedies for the constraints that have retarded our progress. Unfortunately, despite seemingly earnest intentions we are yet to remove the barriers that have been identified. Meanwhile, we continue to struggle to realise our full potential. Prosperity and long-term economic stability continue to elude us.
Every year the World Economic Forum releases its Global Competitiveness Index (GCI), which ranks countries, using various criteria that measure their success in cultivating a competitive business environment. That apart, the World Bank also prepares and publishes what is termed an “ease of doing business” global ranking index.
Out of the one hundred and ninety countries (190) analyzed in these surveys Guyana has never ranked in the top 100 in either. No Caribbean country has appeared among ‘top ten’ improvers in the last four years and none have registered in the top 50.
