GCCI lauds Budget 2023 measures

The content originally appeared on: INews Guyana
GCCI Head Timothy Tucker

See full statement from the Georgetown Chamber of Commerce and Industry:

The Georgetown Chamber of Commerce and Industry (GCCI) wishes to commend and congratulate His Excellency President Dr. Mohamed Irfaan Ali and his Government on their rapid achievement of the transformation that has occurred in Guyana during 2022. With the country’s economy expanding at the fastest rate in the world, Guyana’s economy experienced a growth rate of 62.3%, while the traditional non-oil sector grew by 11.5%.

The Chamber further applauds the government for its responsiveness in undertaking several mega projects to keep up with this growth trajectory while maintaining diverse and competitive sectors.

Undeniably, the making of modern Guyana is well underway with the nation’s overall GDP projected to grow by 25.1%, while Non-oil real GDP is projected to grow by 7.9 % in 2023.

In light of this projected growth, GCCI supports the key measures taken by the government to increase disposable income, ease the cost of living and support the vulnerable through numerous initiatives which include but are not limited to; salary adjustments, increasing the income tax threshold, containing the cost of fuel, reduction in freight charges and the reduced duty on the importation of new motor vehicles.

Moreover, the GCCI also commends the government for prioritizing support for small businesses, youth employment, agriculture and food security, transformative infrastructure and education. The Chamber calls on the government to work with small and medium miners in 2023 as we continue to project positive economic growth in the mining and quarrying sectors.

GCCI remains supportive of the government of the day and will continue to act as a partner in nation- building as we seek to improve the prosperity of Guyana. We anticipate the nation’s continued advancement for the benefit of all Guyanese.