Despite the overall decline in agricultural output, the economy of Guyana has been growing thanks to an increase in the five main sectors: gold extraction, services, construction, wholesale and retail. The country’s global prices have increased, its external current account deficit and fiscal deficit have widened, while public debt has remained unchanged. The country is also classified as a Highly Indebted Poor Country (HIPC) after writing.
Some challenges Guyana faces are: highly susceptible to adverse weather conditions and fluctuations in commodity prices; shortage of skilled labour; deficient infrastructure; very poor health conditions for a large part of the population; and low service quality of the water and sanitation sectors. To enhance trade Guyana has a need to control import costs, to decrease external debt, and a need for expanded public investment.
Based on the ITC 2014-2018 Strategic Approach to the Caribbean Region, ITC will focus on implementing at regional level the recommendations of strategies recently developed by CARICOM for the cultural industries and professional services sectors.