‘Guyana lagging behind in digital trade race’ — World Bank, IDB, WTO Report

(Kaieteur News) – Guyana is being warned that it risks being left behind in the rapidly expanding digital economy, despite having relatively affordable internet access, as the country remains outside several key international frameworks designed to facilitate digital trade.

A new joint report by the Inter-American Development Bank (IDB), World Bank and World Trade Organization (WTO) identifies significant room for Guyana to expand its participation in digital trade, while pointing to weaknesses in its trade commitments, digital infrastructure, logistics and integration into emerging international digital-trade rules. The report, “Digital Trade in Latin America and the Caribbean: Connecting Markets, Powering Growth,” examines how countries in the region are positioned to take advantage of the rapidly growing trade in digitally delivered goods and services.

In the report, the institutions said that digital trade is emerging as a major growth opportunity for Latin America and the Caribbean (LAC). The regions, the report states exports of digitally delivered services increased nearly fivefold, from US$18.5 billion in 2005 to US$87.7 billion in 2024, yet they represent only 2 percent of the global total. Under a scenario combining technological progress with an improved policy environment, digitally deliverable services exports could grow by up to 7.9 percent annually through 2040, the report noted.