Guyana third in World Bank World Development Index 2008
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| Published on Friday, November 7, 2008 |
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GEORGETOWN, Guyana: Guyana placed behind Dominica and Grenada in the Caribbean on the World Bank’s World Development Indicator for 2008, released on Thursday, while it is 14th overall in the wider Latin America and Caribbean grouping.
The data on economic development forms part of the World Bank’s annual world development and shows comparative socio-economic data for more than 130 economies with data drawn from the United Nations, the International Monetary Fund (IMF) and the Organisation for Economic Co-operation and Development (OECD).
The report classifies Guyana, Dominica and Grenada as low-middle-income countries while Haiti, Jamaica, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines and Suriname are rated as low income.
The report also says that the Guyanese economy has grown significantly over the past decade.
Leading the list of Latin America and the Caribbean countries are Argentina, with Brazil third.
The document gives comparable measures of economic activity and living standards for foreign investors, on an economy’s market size, productivity, and prices and also looks at the globalisation of markets for goods, services, finance, labour, and ideas. It reinforces the interdependence of economies and the need to measure them on a common scale.
This report complements the findings in the recently released mid-year review by the Ministry of Finance in which Guyana’s economy was projected to grow by some 3.5 percent by the end of this year.
Finance Minister Dr Ashni Singh said that there was positive growth in the main productive sector of the economy as compared to the corresponding period for 2007.
He however noted that the report might not reflect 100 percent accuracy as the global financial crisis had worsened after the report was compiled. | | | | Reads : 1107 | | | |
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