America, China and their corporations continue the new wave of colonialism

BY STEVEN KASZAB

Canada’s projected economic growth rate lies at 2.6% for 2023. America’s economic growth rate is thought to be much higher. Which are the five fastest growing economies in the world according to the Economist Magazine?

Guyana is first with a growth 2022-2026 of 25.8%. Guyana’s reliance upon the extractive sector of the economy places it in a vulnerable situation. Guyana has a robust petroleum industry, along with all forms of natural resource harvesting boosting its corporations’ shares and employing many within this nation.

Manufacturing and the technological sectors are extremely weak however, dependent upon imported technology and specialists. Guyana seems to rely upon the outreach of nations such as China, for aggressive investment and expertise, costing it its economic independence in the long run.

China’s non Covid policy in the nation has affected the population of Guyana. Thousands of Chinese specialists, security and labourers do not practice Covid protocols in foreign lands as they would in China, ultimately infecting many of their host populations. This drives tourists away, fills the hospital with ill citizens, and challenges all of Guyana’s other economic sectors.

Guyana’s President has placed resource extraction upon the preferred policy points for this nation. Investors look to Guyana as a way to make revenue over a short-term investment.

Fiji foresees growth in 2022-2026 of 7.7%.  Due to the pandemic and natural disasters, Fiji’s economy shrunk drastically, while the nation incurred high public debt. The economy is presently vulnerable, because the economic base is smaller, the belief is that foreign investment will spur growth in the long run.

Niger will experience a growth rate of 7.6%, benefiting from a growth in their petroleum and export sectors. An expansion of a 2,000 km pipeline and the completion of the Kandadji Dam will provide encouragement to investors to see the nation as open to all business, particularly coming from China, whose management basically controls, manages and protects the Niger Oil Fields.

Macao shows well with an 11.9% growth rate over the 2022-2026 period. Macao relies heavily upon tourism, gambling, manufacturing, export-import and transportation sectors. With an end to China’s Covid-19 controls, Macao can open its economy to Asia and the world once again. China and Macao are tied to each other economically and politically. The worsening of Western-Chinese relations is a challenge to this economy and the foreign investments it needs.

Libya falls into a 6.9% percentile. Oil is the wealth creator in a nation divided and warring with itself.  Divided into two sectors, one in Tripoli and the other Sirte, competing ideologies and economic aspirations make foreign investment in Libya a gambler’s dream.

Smaller nations seen as sources of natural resources, technology, cheap labour, and strategic location will attract foreign investment and security intrigue. Nations used and possibly abused for their natural resource wealth will continue as wealthy nations like: America, China and their Corporations continue the new wave of colonialism.