Small businesses are thriving despite “growing pains” associated with Guyana’s rapidly advancing economy.
This is according to economist Richard Rambarran, who shared his views during a recent exclusive interview with Ignite News Insights.
“Small businesses are thriving. There are opportunities that are existing within the economic landscape, as well as renowned to businesses that they would not have otherwise had. But there are also growing pains for some of the small businesses, and competitiveness is an important element and the ability to adapt,” he explained.
Some of the challenges faced by these small businesses, Rambarran stated, include adapting to advancing technology and keeping abreast of changes in the business landscape.
He noted, however, that the government’s response to some of these challenges is commendable, as it relates to cushioning effects on the business community.
“The policy responsiveness by the Government of Guyana to some of those challenges ought to be lauded because the pass-through effects to consumers, the pass-on effects or the knock-on effects to businesses have been cushioned by the policy measures,” Rambarran said.
Rambarran noted that these have been cushioned particularly by measures to revert freight charges to pre-pandemic levels, in addition to the lowering and elimination of Value Added Tax (VAT) on a number of items.
He noted, however, that it is currently a dynamic era for the impacts on small businesses to be felt, as compared to larger enterprises which are better able to cushion the effects.
