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Guyana: Results of the Economic Recovery Program
Country Study > Chapter 3 > The Economy > Government Policy > Results of the Economic Recovery Program

RESULTS OF THE ECONOMIC RECOVERY PROGRAM


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 These changes, preconditions but not guarantees of economic recovery, would not have occurred without the Economic Recovery Program.

Data as of January 1992




Last Updated: January 1992


Editor's Note: Country Studies included here were published between 1988 and 1998. The Country study for Guyana was first published in 1992. Where available, the data has been updated through 2008. The date at the bottom of each section will indicate the time period of the data. Information on some countries may no longer be up to date. See the "Research Completed" date at the beginning of each study on the Title Page or the "Data as of" date at the end of each section of text. This information is included due to its comprehensiveness and for historical purposes.

Note that current information from the CIA World Factbook, U.S. Department of State Background Notes, Australia's Department of Foreign Affairs and Trade Country Briefs, the UK's Foreign and Commonwealth Office's Country Profiles, and the World Bank can be found on Factba.se.

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