Oil-Rich Guyana Expects Annual Economic Growth Of Over 25% In Coming Years

• Guyana's government is forecasting the nascent oil producer's economy, which has recently been among the world's fastest-growing, will expand by at least 25% per year in the next three to four years with a favourable outlook, according to Finance Minister Ashni Singh.
• Since oil production was inaugurated in 2019 by a consortium led by U.S. major Exxon Mobil Corp, Guyana's economy has boomed and the government has proposed devoting an increasing portion of its budget to infrastructure projects.
• According to the public budget, the government's National Resource Fund will receive $1.6Bn in deposits this year, while withdrawals for funding the country's capital expenditures will be around $1Bn. By the end of 2026, the fund is expected to have increased its balance to $5.4Bn.
• Guyana's economy registered a real growth of 62% last year and has been forecasted to expand by another 25% this year. Revenue from oil exports and royalties is expected to climb 31% to $1.63Bn this year, fueled by an average $83 per barrel price for Guyana's export basket.

(Source: Reuters)