World Bank predicts massive economic growth for Guyana

  • At a time when the global economy is plagued with a myriad of uncertainties, Guyana remains one of the fastest-growing nations in the world, with an economy that is projected to expand by a massive 49.7 percent this year, according to the latest edition of the World Bank’s “Global Economic Prospects”. 
  • The report, issued on Tuesday, indicates a significant improvement from the one released in June 2021, which estimated Guyana’s growth at 23.7 percent. This means that within the last few months, Guyana’s economic potential has doubled, as measured by the country’s Gross Domestic Product (GDP). 
  • Based on the World Bank report, Guyana is the only country in Latin America and the Caribbean that is expected to record double-digit growth this year. Coming a close second is St. Lucia, which is expected to record economic growth of 9.6 percent. 
  • The January 2022 report now estimates a 2023 growth of some 25 percent for Guyana, as opposed to the previously predicted 23 percent. It is possible that this figure could be revised upwards in the coming months as Exxon Mobil made two additional oil discoveries off the coast of Guyana in January 2022. 
  • Meanwhile, economic growth in the wider Caribbean is estimated to reach 7.3 percent this year, and 5.9 percent in 2023. However, this doesn’t necessarily spell good news for the region, since, according to the report, those improvements reflect a large contribution from Guyana. This is due largely to the fact that the majority of Caribbean countries are reliant on their respective tourism industries, which have taken significant hits due to the continuous spread of the novel coronavirus (COVID-19) and the global pandemic it has triggered.

 (Source: Guyana Chronicle)