| By Leonard GildarieFor as long as I can recall, Christmas has always been something that this country buckles down for. The food, the drinks, the shopping, the bonuses, the toys for the kids…the list goes on.Leonard GildarieWorkers like us, in the media, have very few off days, and it is with much anticipation we count down the time.As the years went by, Christmas cards and postmen and postgirls, became less prominent, as technology with Facebook calling, emails and Whatsapp continue to impact how we live. I no longer make overseas calls. We can video chat using Facebook and see the snow in New York and what Grandmother is cooking in the kitchen. Things have changed, making the world a smaller place.Adam Harris, our Editor-in-Chief, would tell of stories that make you yearn for the good ‘ole’ days.The mixing of black cake by the hands and dipping your fingers to taste it. Yes, the good ‘ole’ days are very much missed. The taking down of the curtains and cleaning of the yard, I can tell of the pain of fetching water in the little paint cans. The smell of pepperpot and garlic pork are things I can talk about.I recalled walking Water Street and Regent Street to shop or window shop as money was not much.It was all part of the fun. Every year, the storeowners would shake their head in despair and say the previous year was better when it came to business. The sad story was always the same.This year, the story of how business is bad seems to take a more strident tone.And from all indications, the claims may be true.GLOBAL TROUBLESThe entire globe is facing a major problem, brought on by falling prices for oil and other major commodities.Guyana has not learnt to capitalize in a big way on adding value to its exports. We have done well with rum and timber to a certain extent. Rice has fared reasonably well.We still have too much food being wasted. Don’t take my word for it. Take a walk to Bourda and Stabroek Market and in the many farms. We depend on selling our vegetables and fruits without much processing.Farmers will tell you that they have been doing it this way all their lives and in any case, finding financing and cheap electricity to do processing is not easy.Guyana depends heavily on exports of sugar, rice, timber, fish, bauxite and of course,Cheap NFL Jerseys China, the big one – gold – for precious foreign currencies. The foreign currencies in turn are used to pay our loans and buy containers of clothing, spare parts and other necessities that we so depend on.If we export less, then it means less foreign currencies coming in to do business overseas.We have become dependent on the goodies from overseas at the expense of what we have right here. While many will argue that it is a matter of choices, the reality is that we are compounding the situation.Fortunately, all is not lost as a country. We have managed to scrape in a positive growth, despite the dismal performance in sugar and drop in rice production.Gold has exceeded expectations and has managed to help stabilize the foreign currency situation.However, we are facing a major problem with greenheart exports – one of our prime wood species – to the United Kingdom,Stitched Jerseys, with restrictions placed by a major player there.The UK entity questioned Guyana’s ability to ensure its timber are legally harvested and advised contractors against using it. We are looking to repair this issue now.We lost our major rice market with Venezuela, although some level of trade has reportedly resumed.There are some negative sides. Businesses are reportedly experiencing a significant drop in sales and even the Christmas rush seems to have fallen short of expectations.It appears that there is little we can do in the short term. Foreign direct investments are not coming in as they should.Judging from what is happening in the region, it is crystal clear we have to figure out ways to put more disposable income in the hands of our people. It is a fact that spending comes from mainly two areas – consumers and from state contracts.It is a fact that we have been slowed down in the awarding of state contracts. It therefore stands to reason that we are dependent on consumers’ spending to keep things rolling.If consumers’ spending goes down, we can expect store owners and others to feel the squeeze.BUSINESS BAD?I am told that many of the companies have scaled down on their Christmas parties and bonuses. The number of invites I had last year has trickled.The sugar workers and soldiers are reportedly complaining of no bonuses for Christmas.So yes, the signs are out there of tough times for our people.But there are also encouraging signs that we can take some heart from.Our neighbours are catching hell. Trinidad and Barbados have been coming here to buy our foreign currencies. Central Bank has since restricted its purchases of Bajan and TT dollars to prevent further dumping of two currencies that are in deep trouble.And indeed,Wholesale China NFL Jerseys, both countries are facing problems. Despite its oil and a strong manufacturing base,China NBA Jerseys, Trinidad has managed to run short of foreign currencies and has reported job cuts.We will not even go near Venezuela where long food lines and shortages of basic commodities have placed further pressure on the Nicolas Maduro administration. The economy is one of the worst in the hemisphere, despite the oil wealth.In Paramaribo, Suriname, the International Monetary Fund (IMF) says the economic outlook for Suriname remains challenging. The IMF has attributed the deep recession to several factors, including spillovers from the closure of the Suralco alumina plant and the contractionary impact of the fiscal adjustment. Government has implemented a number of planned reforms, including preparations for the introduction of Value Added Tax (VAT).There is limited financing to cover essential government spending — including public wages, pensions, and social support to the most disadvantaged — and the risk of resorting to central bank financing of the budget exists.IMF said that there are few policies in place to address rising inflation,Wholesale Jerseys, international reserves are critically low and, owing to the recession and currency depreciation, banks face risks of a further deterioration in credit quality.Brazil’s GDP shrank 0.8% in the third quarter with the prolonged recession – now eight quarters long – promising to becoming the worst in its history.Yes, I have been talking about these indicators over past weeks, as we should be worried.We have to,China Jerseys Cheap, like a good homemaker, look at our spending and find ways to jumpstart the economy.I am not an economist, but we have to tread carefully when it comes to more taxes. I back any initiative to cast the tax net wider. Too many businesses have been raping us too long.However, timing is important.There is one encouraging bit of news that this administration and a hungry Opposition, waiting on the sidelines, would do well to pay close attention to. I am referring to the hundreds of Cubans who have been flying to Guyana weekly to trade. They are bringing in – via Copa Airlines – precious US dollars.We have the possibilities of becoming a little Curaçao. Our importers have been managing to procure goods at great deals and these have been passed off to shoppers.With millions of Cubans and no visas required for them to come to Guyana, there is a huge potential here for trade. So yes, we have some things to celebrate.It has been a tough year for our people. Let us take a little time out and come back fresh to tackle the bumps in the road that 2017 will surely bring. |
