Guyana’s Economic Prospects Remain Positive

• Even as countries the world over continue to grapple with the effects of the COVID-19 pandemic and the ongoing war in Ukraine, the economic prospects for Guyana remain positive at the close of the first quarter of 2022, according to the International Monetary Fund (IMF). 
• The geopolitical crisis unfolded while the global economy was on a mending path, but had not yet fully recovered from the COVID-19 pandemic, with significant divergence between the economic recoveries of advanced economies, emerging markets, and developing ones. 
• Guyana, though also being susceptible to the economic shocks that are affecting countries across the world, is positioned to maintain a positive economic standing because of its burgeoning oil and gas sector, and prudent fiscal planning. 
• According to the IMF, Guyana remains on course to achieve Gross Domestic Product (GDP) growth of 47.2% at the end of this year and a further 34.5% at the end of 2023. Notably, The World Bank, after assessing the economic performance of countries during the period 2019-2021, had announced recently that Guyana recorded the highest cumulative economic growth in the Caribbean and Latin American region. 
• The international financial institution determined that the country recorded cumulative economic growth of 72.03%, and the closest nation behind Guyana was Nicaragua, which recorded cumulative economic growth of 7.53%. With this rate of overall growth, Guyana ranks among the fastest growing economies worldwide. 
• The resilience of the country’s economy is being demonstrated as the nation continues to progress despite grappling with the effects of the COVID-19 pandemic, and, more recently, Russia’s invasion of Ukraine.

(Source: Guyana Chronicle