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January 28, 2026
January 28, 2026
January 28, 2026
Former Bolivian President Jorge Quiroga has urged Guyana to prioritise long-term economic diversification and international competitiveness, cautioning against overreliance on commodity windfalls.
He offered this advice earlier today while virtually addressing a high-level forum hosted by the World Trade Centre Georgetown, titled “Perspectives on Global Trade 2026: Challenges and Opportunities.”
Drawing on Bolivia’s experience as a resource-rich country, Quiroga highlighted lessons that Guyana can apply as it navigates rapid economic expansion and increasing foreign currency inflows.
According to Quiroga, Bolivia benefited significantly from gas exports during a period of high global prices, with export earnings reaching nearly a quarter of the country’s Gross Domestic Product (GDP).
However, he noted that those inflows were not adequately used to build international standards, strengthen institutions, or diversify the economy.
“When you have massive foreign currency inflows, do not simply spend them,” he cautioned, stressing the importance of investing in certifications, training, trade facilitation, and globally recognised standards to support non-resource sectors.
He pointed to policy missteps, including rigid exchange-rate management and underinvestment in renewing gas reserves, which ultimately weakened Bolivia’s productive base.
As export earnings declined, Quiroga said the country faced shortages and mounting macroeconomic pressures despite once being an energy powerhouse.
“Commodity revenues can disappear quickly if they are not converted into long-term capacity,” he warned.
The former president advised Guyana to work closely with international partners such as the World Bank, the Inter-American Development Bank, and United Nations agencies to strengthen competitiveness across agriculture, manufacturing, services, and tourism.
He also highlighted tourism as a sustainable source of foreign exchange, citing the Dominican Republic as a successful example of a sector that generates jobs and earnings over decades.
The forum brought together regional and international leaders to examine the forces reshaping global trade, regional integration, and market access in 2026.
Caribbean Community (CARICOM) trade officials and private-sector experts also shared perspectives on positioning Guyana and the wider Caribbean for resilient, trade-driven growth.
