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Guyana 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
(see Foreign Investment
, this ch.). These changes, preconditions
but not guarantees of economic recovery, would not have occurred
without the Economic Recovery Program.
Data as of January 1992
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