Publication: Guyana - Development Policy Review : The Challenges of Governance and Growth
Date
2003-11-06
ISSN
Published
2003-11-06
Author(s)
World Bank
Abstract
The objective of this Development Policy
Review, is to provide an up-to-date, integrated assessment
of Guyana's development policy agenda, with the main
focus on governance, growth, and poverty alleviation. The
report consists of three parts: assessment of development
outcomes, discussion of the development policy agenda, and,
assessment of the medium-term outlook. It discusses some of
the key political economy issues, critical to this review -
ethnic and political tensions, as well as the surge in crime
and violence. The report draws on the extensive wealth of
existing analysis, within, and outside the Bank, and,
highlights critical areas where further research is needed.
Among the key structural measures adopted recently, are the
amendment of the tax law, and of the procurement law, and
the start of implementation of the sugar restructuring
program. These achievements come on top of progress made in
other reform areas, since the adoption of the Poverty
Reduction Strategy Paper (PRSP) in 2001. The pressing issue
is the implementation of the remaining reform agenda. The
PRSP needs to be updated, as the economic situation has
since deteriorated, with economic growth rate, and
government revenue collection much lower than anticipated.
Radical improvement in the business climate, namely through
macroeconomic stability, better governance, and improved
social capital, and physical infrastructure; diversification
of the economic base into high-value, competitive
activities; and, the restructuring of the traditional
sectors - mining and sugar - are necessary conditions for a
better economic outlook. Specifically, attaining fiscal and
debt sustainability, revitalizing agriculture, restructuring
the mining sector, promoting an investment climate,
improving public sector management, and investing in human
development, should stand at the forefront of the
development agenda.
Link to Data Set
Citation
“World Bank. 2003. Guyana - Development Policy Review : The Challenges of Governance and Growth. © Washington, DC. http://hdl.handle.net/10986/14662 License: CC BY 3.0 IGO.”