Economy of Guyana

With a per capita gross domestic product of only $4,700 in 2006, Guyana is one of the poorest countries in the Western Hemisphere. This is evident from the contrast between poor slum areas and elite residential areas with imperious mansions, often built within a few miles of one another. The economy made dramatic progress after President Hoyte's 1989 economic recovery program (ERP). As a result of the ERP, Guyana's GDP increased six percent in 1991 following 15 years of decline. Growth was consistently above six percent until 1995, when it dipped to 5.1 percent. The government reported that the economy grew at a rate of 7.9 percent in 1996, 6.2 percent in 1997, and fell 1.3 percent in 1998. The 1999 growth rate was three percent. The unofficial growth rate in 2005 was 0.5 percent.In 2006, in was 3.2%.

Developed in conjunction with the World Bank and the International Monetary Fund (IMF), the ERP significantly reduced the government's role in the economy, encouraged foreign investment, enabled the government to clear all its arrears on loan repayments to foreign governments and the multilateral banks, and brought about the sale of 15 of the 41 government-owned (parastatal) businesses. The telephone company and assets in the timber, rice, and fishing industries also were privatised. International corporations were hired to manage the huge state sugar company, GUYSUCO, and the largest state bauxite mine. An American company was allowed to open a bauxite mine, and two Canadian companies were permitted to develop the largest open-pit gold mine in South America. However, efforts to privatise the two state-owned bauxite mining companies, Berbice Mining Company and Linden Mining Company have so far been unsuccessful.

Guyana

Guyana (pronounced /ɡaɪˈɑːnə/ or /ɡaɪˈænə/), officially the Co-operative Republic of Guyana, is a sovereign state on the northern mainland of South America. It is bordered by the Atlantic Ocean to the north, Brazil to the south and southwest, Suriname to the east and Venezuela to the west. With 215,000 square kilometres (83,000 sq mi), Guyana is the third-smallest country on mainland South America after Uruguay and Suriname.

The region known as "Guyana" comprised the large shield landmass north of the Amazon River and east of the Orinoco River known as the "Land of many waters". Originally inhabited by several indigenous groups, Guyana was settled by the Dutch before coming under British control in the late 18th century. It was governed as the plantation economy of British Guiana until independence in 1966, and officially became a republic within the British Commonwealth of Nations in 1970. The legacy of British rule is reflected in the country's diverse population, which includes Indian, African, Amerindian, and multiracial groups.

Guyana (disambiguation)

Guyana is a country in the Guianas, South America.

Guyana, Guiana, or Guayana may refer to:

See also

Guyana (Commonwealth realm)

The Commonwealth realm of Guyana, officially known as "Guyana", was a predecessor to the modern-day Guyana and an independent state that existed between 26 May 1966 and 23 February 1970.

British rule ended in 1966, when Guyana was given independence as a Commonwealth realm by the Guyana Independence Act 1966 which transformed the British Crown Colony of British Guiana into the independent sovereign constitutional monarchy of Guyana with the British monarch as head of state. Guyana shared the Sovereign with the other Commonwealth realms, and the monarch's constitutional roles were mostly delegated to the Governor-General of Guyana. The royal succession was governed by the English Act of Settlement of 1701. The following governors-generals held office in Guyana during the dominion period:

Elizabeth II did not reside in or visit Guyana during its time as a Commonwealth realm.