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The Guyana economy has been a free market
economy since the government instituted an
Economic Recovery Programme in 1989. This
policy resulted in high rates of growth up to
1997 after which growth stagnated for several
years. In 2006 the economy recorded a 4.7%
growth in gross domestic product signaling a
turn around in its economic fortunes.
Though
emphasis has been placed on diversifying the
economy, it is still dependent on primary
production. Agriculture, forestry and fishing
are dominant and the sector accounted for 32% of
GDP in 2006. Mining has declined significantly
but still remains a pillar of the economy.
Manufacturing is growing in importance to the
economy and constituted 6% of GDP in 2006.
Sugar, rice, gold and bauxite are the major
exports. Real gross domestic product stood at
G$5.73 billion in 2006. The exchange rate is
tied to the US dollar and has remained stable at
approximately G$200 to US$1 for several years.
Government debt has also reduced significantly
due to debt write-offs and cancellation. Guyana
is an open economy which has trading
arrangements with most major markets in the
world.
The country is a member of the Caricom group of
countries and is moving towards closer economic
integration with the member countries of this
group.
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