IMF sees Guyana's economy picking up speed in 2013

The IMF sees Guyana's economy picking up speed next year when it predicts a GDP expansion of 5.5%, according to an assessment by the IMF's executive board. The multilateral expects Guyana to finish this year with annual GDP growth of around 3.7%, compared to a 5.4% growth in 2011. The IMF said that gold production and the agriculture and services sectors would drive economic growth in 2013, and offset any drop in sugar production. The Washington-based lender also said that it expects inflation in Guyana to end this year at about 4.6% compared to 3.3% last year. The increase in inflation is due to higher energy and food prices. The IMF also noted that Guyana's banking system enjoys ample liquidity and non-performing loans have been falling. The executive directors said they commend policies put in place by the Guyana authorities "that have supported macroeconomic resilience and sustained growth." The directors also pointed out that policy challenges remain for the short and medium term and they recommended policymakers "persevere with fiscal consolidation and structural reforms to strengthen debt sustainability and make growth more inclusive." To read the IMF's full article consultation with Guyana, go to this link