Surging Oil Production Will Drive Guyanese Growth In 2022

• The Guyanese economy will grow 46.0% in 2022, from 19.1% in 2021, driven by expanding oil production that will support greater profits and government revenue receipts.
• In addition to a stronger oil sector, the non-oil economy will continue to recover this year, following the impacts of the pandemic. The government is utilising oil revenues by dispersing them throughout the wider economy, supporting development in the gold mining and agriculture sectors, and enhancing infrastructure development.
• That said, Guyana will be the world’s fastest-growing economy in 2022, and fast rising oil production will retain the country’s status as a regional outperformer in the coming years. Growth is expected to remain strong in 2023 at 8.0%, and average 8.2% from 2024-2031, as exploration in offshore blocks continues and additional oil projects come online, maintaining Guyana’s position as a regional outperformer in the coming years.

(Source: Fitch Solutions)