In its latest report, the International Monetary Fund (IMF) has delivered an optimistic outlook for Guyana’s economic trajectory.
The nation, which has experienced remarkable growth in recent years, is set to sustain this momentum.
According to the IMF’s Regional Economic Outlook report, Guyana is poised to achieve an extraordinary 38.4 percent real gross domestic product (GDP) growth rate in the current year.
The organization anticipates that this growth trend will persist, forecasting an expansion of 26.6 percent in 2024.
Such robust economic expansion typically translates into increased employment rates, elevated living standards, and amplified opportunities for both businesses and individuals.
Notably, Guyana stands out as the sole country in Latin America and the Caribbean expecting double-digit growth. St. Vincent and the Grenadines and Panama follow with the next highest growth rates, projected at 6.2 percent and 6 percent, respectively.
In contrast, other nations in the region are facing less favorable growth conditions, attributed to factors such as a weakened external environment, adverse weather events, and diminished demand for tourism services.
The significant oil discoveries in Guyana’s offshore reserves are identified as a pivotal factor driving the anticipated high economic growth rates.
President Dr. Irfaan Ali announced in September that Guyana had already achieved substantial economic growth, with the non-oil economy expanding by an impressive 12.3 percent at the mid-year mark. The president’s vision is to bolster the competitiveness of various sectors within Guyana’s economy, ultimately cultivating a highly functional and resilient economic landscape. This aspiration extends to exploring potential collaborations, including partnerships with Brazil.
Guyana’s substantial economic growth, coupled with a declining debt-to-GDP ratio and prudent fiscal management, underscore its potential as an emerging economic force in the global arena.