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EIU Guyana

Overview

Although the countries of the Caribbean Community (Caricom) will continue to enjoy broad political stability in the outlook period, there is a risk of increased volatility as most countries endure deep recessions and unemployment rises. As governments attempt to deal with severe fiscal constraints amid rising levels of public debt, inequality and poverty levels will rise, reversing much of the progress made in the past decade. However, the Economist Intelligence Unit does not expect rising discontent to threaten the region's long democratic tradition. Earnings from the tourism sector, the region's main source of employment and foreign exchange, will remain weak in the outlook period as economic growth in the US and UK slowly recovers following deep recessions in 2009. Economic recovery in the Caribbean will lag a recovery in the US and UK by at least six months. As such, most economies in the region will not return to positive real GDP growth until the second half of 2010. In 2011 growth will again slow owing to a renewed reduction in US domestic demand as the impact of the 2009 fiscal stimulus fades. The public finances will remain under pressure in most countries during the outlook period, owing to weak revenue collection. Extremely high levels of public debt will continue to threaten fiscal stability in an economic environment characterised by extremely tight liquidity. Throughout the region, the illegal drugs trade will continue to represent a threat to security and stability.

Key Reports Available for Guyana
  • Country Report
  • Country Profile
  • Basic Data

    Land area
    214,969 sq km
    Population
    761,510 (2006 official estimate)
    Main towns
    Population in 2002 (census estimates)
    Georgetown (capital): 213,705
    Linden: 41,112
    New Amsterdam: 18,480
    Climate
    Tropical
    Weather in Georgetown (altitude 2 metres)
    Hottest months, September and October, 24-31°C; coldest months, January and February, 23-29°C (average daily minimum and maximum); driest month, October, 76 mm average rainfall; wettest month, June, 302 mm average rainfall
    Languages
    English, often spoken in a strongly marked Creolese dialect; Amerindian languages are also used in the interior
    Measures
    Conversion to metric system is now officially complete, but US and Imperial units remain in common use; also Rhynland acre=0.4 ha=1.1 acres
    Currency
    1 Guyana dollar (G$)=100 cents; average exchange rate in 2006: G$200.19:US$1; official exchange rate on May 1st 2007: G$201.25:US$1
    Time
    4 hours behind GMT
    Public holidays
    January 1st, February 23rd (Republic Day), Phagwah(a) (usually March), Good Friday(a), Easter Monday(a), May 1st (Labour day), May 26th (Independence day), First Monday in July (Caricom day), August 1st (Emancipation day), December 25th and 26th, Youm un Nabi(a), Deepavali(a) (Diwali, usually November)
    (a) The dates of these public holidays depend on religious calendars and differ from year to year.
    SOURCE: Country Profile


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