Issues in Guyana's Development

Historically Guyana's economy has been dependent on sugar. However other commodities such as bauxite rice and gold has made significant contributions to the economy. Guyana's economy registered a growth rate of 5.4 percent in 2011. This is a relatively high growth rate considering the recent global financial crisis which affected other Caribbean countries. However it is important to note that this increase occurred as a result of the increased demand for gold on the world market and the performance of the non-traditional sectors. The performance of the economy indicates that Guyana has a major competitive advantage in resource endowment relative to its size. When compared with other Caricom countries the economy has a range of natural resources which exceeds the rest of Caricom countries combined. In 2011 gold export receipts were US$517.1 million 49.3 percent higher than the 2010 level reflecting favorable prices and higher volumes exported.