Guyana Results of the Economic Recovery Program
Sources: The Library of Congress Country Studies; CIA World Factbook
The reforms introduced by President Hoyte resulted in no immediate progress. A policy framework paper prepared by the government in cooperation with the World Bank and the IMF had predicted that real GDP would grow by 5 percent in 1989. But instead, real GDP fell by 3.3 percent. Economic performance continued to decline in early 1990, according to the United States Embassy. Changes in government policy could not erase the profound difficulties facing the economy: massive foreign debt, emigration of skilled persons, and lack of infrastructure.
But in early 1991, there were signs of improvement: Guyana had rescheduled its debt, making the country eligible for international loans and assistance, and foreign investment surged in the country (see Foreign Investment , this ch.). These changes, preconditions but not guarantees of economic recovery, would not have occurred without the Economic Recovery Program.
Data as of January 1992
NOTE: The information regarding Guyana on this page is re-published from The Library of Congress Country Studies and the CIA World Factbook. No claims are made regarding the accuracy of Guyana Results of the Economic Recovery Program information contained here. All suggestions for corrections of any errors about Guyana Results of the Economic Recovery Program should be addressed to the Library of Congress and the CIA.