Dr Clive Thomas

China: The new vanguard of 21st century exploitation of poor countries’ resources

Guyana and the Wider World

From G7 to G20 The shift in the authority for superintending the international economy from the G7 club of rich nations to the G20 grouping, which includes the emerging economies of China, India, Brazil and Russia, was initiated by United States President Bush in 2008 when both the US and the global economy were engulfed in an economic recession, financial crisis and credit crunch, such as the world had not witnessed,

In the eye of the global economic storm

The US economy Because of the leading role the US economy plays in the generation of global output, demand, consumption, trade (imports and exports), technology, cross-border direct investment, and financial flows, the difficulties which it is presently encountering (as highlighted in last week’s column) vividly illustrate the continued fragility of the global economic recovery and why the global economic crisis is not going away.

What do the figures show?

Estimating the proceeds of tax evasion, regulatory avoidance and organized crime in Guyana Introduction The underground economy (or whatever else it may be termed) along with its phantom segment as I have defined it in last week’s column, is extremely difficult if not impossible to measure accurately. 

Researching the underground economy in Guyana

Introduction In my two previous Sunday columns, I had developed the argument to the effect that the steep increases in remittance flows to Guyana (as well as Jamaica) reflect both criminally-inspired transfers along with transfers made by hard-working Guyanese and Jamaican emigrants living in the diaspora. 

The global crisis and capital inflows

Introduction Last week’s column concluded the treatment of Guyana’s new National Accounts series and resumed the discussion on the impacts of the global crisis on the economies of Guyana and the wider Caricom region.

The financial impacts of the global crisis

Introduction The recent rebasing of Guyana’s National Accounts series from 1988 prices to 2006 prices has created three major areas of difficulty for a comprehensive evaluation of Guyana’s macroeconomic performance during the 1990s and 2000s.

Constrained dependence on official external financing

Role of official external financing As a rule, small relatively poor open economies that are highly dependent on the production and export sale of low-value added primary products and/or other natural resources-based products that are not presently enjoying a secular boom in world commodities markets, end up in a situation where debt-led and capital inflows-led processes become the key drivers of economic growth. 

Economic pitfalls: The scourge of trade and exchange rate dependence

Structural trade dependence The point of departure for evaluating the effects of the on-going global economic crisis on Guyana’s economy should be rooted in the reality that, by global standards, Guyana is structurally far too small, too poor and too open to withstand severe external economic shocks; particularly when these shocks emanate from economies with which we have the strongest trade, financial, and investment ties and are considered the worst since the Great Depression of the 1930s.