Economy & Business - October 2022

GUYANA: Government makes most of oil boom to ease cost of living

Guyana’s GDP is forecast by the International Monetary Fund (IMF) to grow by 57.8% in 2022, and the government is making the most of this enviable oil-boom driven performance to ease the cost-of-living crisis without incurring any serious fiscal damage. On 1 October, the government announced that it was moving to reduce the price of petrol by 20% and the price of diesel by 15%. Announcing the move, the finance ministry was not shy in making a political point out of its economic good fortune, saying: “Since resuming office in August 2020, the PPP/C [People’s Progressive Party/Civic] government has implemented a suite of measures to ease the cost-of-living pressures and to improve disposable incomes, in an ongoing effort to address these head-on and to mitigate the effects of rising prices globally on all Guyanese citizens.”

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