IMF Projects 37.2% Local Economic Growth For Guyana This Year

• Guyana is on course to record economic growth of 37.2% by the end of this year, according to the International Monetary Fund (IMF).
• Driven by prudent fiscal management and growing sectors, including the burgeoning oil and gas sector, Guyana is set to record significant economic growth and persevere through global and domestic challenges.
• With several new projects ongoing, oil production will continue to vastly contribute to the advancement of Guyana’s economy, solidifying the economy’s foundation and enhancing the overall well-being and welfare of every Guyanese.
• Guyana is the only country within the Latin America and Caribbean (LAC) region expected to record double-digit growth this year and in the near future. The IMF reported that real gross domestic product (GDP) growth could be even higher next year, reaching 45.3% given oil production prospects.
• Consistent growth is expected in Guyana, even as the IMF reported that tentative signs in early 2023 that the world economy could achieve a soft landing (with inflation coming down and growth steady) have receded amid stubbornly high inflation and recent financial-sector turmoil.
• Despite the global situation, based on its economic performance over the past two years, Guyana has a solid foundation upon which to continue broadening its horizons and advancing significantly, especially given noteworthy oil production in the medium term.

(Source: IMF)