Business

Guyana’s Economic Surge: A Story of Unmatched Growth

By Deanzer Roberts

In an extraordinary turn of events, Guyana’s economy has surged by an unprecedented 43.5% in 2024, driven by its booming oil sector. This remarkable growth trajectory places Guyana at the forefront of economic expansion within the Caribbean, making it the region’s standout performer. The country’s rapid economic progress has played a pivotal role in the region’s overall growth, which recorded an 8.8% increase in 2024.

Mr. Ian Durant, a leading economist emphasized the significant impact of this development, during the 2025 Annual News Conference held by the Caribbean Development Bank, noting that Guyana’s booming oil industry is not only fueling its immediate economic prosperity but also fostering the diversification of its economy. “While oil is the main driver of growth, the country’s efforts to diversify into areas such as agriculture, infrastructure, and human capital development are setting the stage for sustainable growth in the long term,” said Durant.

He further explained that Guyana’s success story offers valuable lessons to other nations looking to capitalize on natural resources. The economic transformation seen in Guyana, while impressive, is just one piece of a larger puzzle that includes strengthening governance, increasing investments in infrastructure, and developing the workforce to ensure the economy remains robust beyond its reliance on oil. Durant suggested that regional governments and international partners closely monitor these shifts as they seek to replicate Guyana’s success in their own countries.

He said Guyana’s approach to leveraging its natural resources for growth and diversification is seen as an essential model for future development since the caribbean faces challenges such as climate change and global economic volatility.

A Tale of Political and Economic Crisis in Haiti

Haiti continues to battle deep political instability and a worsening economic crisis as the country enters its sixth consecutive year of contraction. The nation’s inflation has soared, and widespread violence, particularly from gang activities, continues to exacerbate the situation, leaving the population vulnerable and the economy in shambles. As of 2024, the Haitian economy shows no signs of recovery, with GDP shrinking by 1.7%, driven by these chronic internal challenges.

Director, Economics Department at Caribbean Development Bank Ian Durant called attention to Haiti’s dire situation. “Haiti’s crisis is no longer merely an economic issue. The political chaos, compounded by escalating gang violence, has created a perfect storm that is making recovery nearly impossible. No amount of economic intervention can address the country’s issues without first stabilizing the political environment and ensuring security,” Durant stated.

Durant stressed that the international community has a critical role to play, not just in providing humanitarian aid, but in assisting with long-term peace-building efforts. He urged the international community to support Haiti’s political reconciliation and invest in strengthening its governance structures to create a foundation for sustainable recovery.

The economist also highlighted the importance of investing in education, health, and infrastructure as a means of addressing systemic issues that have kept Haiti in poverty for decades. Without these fundamental improvements, he warned that Haiti’s economic struggles would persist, deepening the social and political divisions that currently plague the nation.

Business

B’DS PUBLIC WORKERS CREDIT UNION PARTNERS WITH BAY VIEW HOSPITAL

In a bid to make premium healthcare more accessible, the Barbados Public Workers Cooperative Credit Union Limited (BPWCCUL) has partnered with Bayview Hospital to ease the financial burden of medical expenses for Barbadians.

Announcing the initiative during a signing ceremony at BPWCCUL’s headquarters on Thursday, Chief Marketing and Customer Experience Officer, Gail Best-Niles, highlighted the growing demand for financial assistance in healthcare.

“What we have found is that more than 50 per cent of our personal loans are being used for medical procedures. Unfortunately, many Barbadians do not have health insurance, and that’s something we intend to address with our members,” she stated.

Despite efforts to educate members on the benefits of health insurance, Best-Niles noted that a significant portion still remain uninsured, making healthcare costs a persistent challenge.

Through this new partnership, BPWCCUL members will receive exclusive discounts on various medical services at Bayview Hospital, including elective surgeries and maternity care.

“Whether it’s an elective surgery or maternity services, Public Workers members can now access world-class treatment at more affordable rates,” Best-Niles explained.

Recognising that even with discounts, medical expenses can still be overwhelming, BPWCCUL will also provide financing options for medical procedures, ensuring that members receive the care they need without undue financial strain.

Business

Heart & Stroke Foundation rehabilitation programme gets a boost from RUBIS

The recovery prognosis for Barbadians affected by stroke has been boosted by a RUBIS donation of BBD $20,500 to the Heart & Stroke Foundation of Barbados in support of its stroke rehabilitation programme.

The funds will help ensure that patients receive essential physiotherapy assessments before starting rehabilitation, to receive treatment tailored to their specific needs. RUBIS Brand Marketing Specialist Mellissa Broomes said the contribution falls under the Company’s Corporate Social Responsibility roadmap, which is focused on education and healthcare.

“At RUBIS, we are committed to making a meaningful impact in the communities we serve, and our support for the Heart & Stroke Foundation’s Stroke Rehabilitation Programme reflects our dedication to health and well-being. We are proud to contribute to this vital initiative, helping stroke patients regain strength, independence, and an improved quality of life. As the Foundation marks its 40th anniversary, our team looks forward to volunteering throughout the year and is happy to continue our strong relationship in support of its mission.”

Heart and Stroke Foundation CEO Mrs. Greta Yearwood expressed her thanks to RUBIS, noting that it strengthened a relationship dating back several years. She said the donation was timely and would go a long way towards achieving stroke rehabilitation goals.

“We offer services in rehabilitative therapy for both cardiac and stroke patients, but this donation will specifically assist with the physiotherapy for those patients suffering from stroke. Prior to joining the program, they will be able to see a physiotherapist who will be able to assess them and ensure they are receiving the specific needs for their conditions. We love working with our partners. We also look forward to RUBIS coming on board to assist us as volunteers. This is our 40^th anniversary, and there are many areas the RUBIS team can assist in, including working at our sites, attending events and even at our gym.

The Heart & Stroke Foundation of Barbados (HSFB) is a non-profit organisation dedicated to promoting cardiovascular health and reducing the impact of heart disease and stroke in Barbados. The HSFB raises awareness about risk factors, prevention, and healthy lifestyle choices through education, advocacy, and community programs.

The foundation offers various initiatives, including heart and stroke rehabilitation programs, CPR and first aid training, health screenings, and public awareness campaigns to encourage heart-healthy habits. Additionally, HSFB provides support services for stroke survivors and their families, helping them regain independence and improve their quality of life.

Committed to building a healthier nation, the HSFB works closely with healthcare professionals, corporate partners, and volunteers to drive impactful change in cardiovascular care and prevention across Barbados. (PR)

Caption:

From left are Mellissa Broomes, RUBIS Brand Marketing Specialist, Greta Yearwood, CEO of Heart & Stroke Foundation of Barbados Inc., and Andrea Gooding, RUBIS Marketing Programs Manager

Business

Business Hub & Business Expo On March 29

Clients of the Barbados Trust Fund Limited (BTFL) will get an opportunity to showcase their products and offer their services this weekend, and members of the public are encouraged to support them.

The BTFL will host a Business Hub this Saturday, March 29, at the Natural Heritage Department Grounds, Sturges, St. Thomas, beginning at 10:00 a.m.

Various business support organisations in the micro, small, and medium-sized enterprise sector and the Unified Trust Co-operative Society will participate in the hub.

Additionally, a team from the Co-operatives Department will be at the Harvest Market, Nature Garden and Business Expo at the Thomas Parish Church on Saturday, from 9:00 a.m. They will share useful information on the co-operative business model, including how the movement can benefit individuals and entrepreneurs.

The Business Hub and Business Expo are part of the St. Thomas We Gatherin’ initiative.