Opinions

The theory of a ‘curse of natural resources’ can be traced back to the 1970s. The subsequent two decades saw the emergence of a significant body of research proposing a link between resource production, economic underperformance and various socio-political...

As an emerging resource-driven economy and one with a particularly low average income, Guyana must use its resources sectors as a platform for broader economic development, which could transform its growth prospects. However, as with other similar countries, Guyana...

Whether the natural resources of a country will be a blessing or a curse, depends on various factors. The recent oil discoveries of Guyana can induce an appreciation of the real exchange rate, deindustrialisation and bad growth prospects, and...

Government preferences should take into account wider factors than those considered by private investors. This is because governments are concerned with the linkages between petroleum production and the rest of the economy. Also, governments are or should be responsible...

The main aim of any country with petroleum resources is to achieve a self-sufficient level of oil production as quickly as possible. The analysis of resource management yields general guidelines, but very little in the way of practical concrete...

Economic theory suggests that there are a number of advantages arising from the establishment of an oil fund. These include the opportunity to create sustainable wealth, facilitate economic development over the long-term, enhance economic stability and ensure that the...

The policy of investing resource revenues in reproducible capital suggests irresistibly that some appropriately defined stock is being maintained intact, and that consumption can be regarded as the "interest" on that stock (Solow 1986). Since the discovery of oil and...

Guyana has been blessed with an abundance of energy resources. For the next 40 years our economy will become a major producer of oil and gas. Hydrocarbons development is at the heart of Guyana’s future prosperity and a cornerstone...

Initial efforts on local content have already contributed to the emerging oil sector transformation in Guyana. This can be seen from the first set of investment activities that are currently occurring with the establishment of new business frontiers, since...

Local Content Policies (LPCs) are part of a broader category of policies known as Productive Development Policies (PDPs) or Industrial Policies (IPs), which, in the most expansive definition, include all government interventions, measures or programmes that aim to increase...