In a remarkable economic transformation, Guyana, underpinned by a surge in oil wealth, is poised to achieve a staggering 38% growth this year, according to the International Monetary Fund’s latest report.
Exxon Mobil Corp’s exploration efforts, initiated in 2015, have unearthed vast offshore oil reserves that have propelled Guyana’s economy to quadruple in size over the past five years. The IMF’s report is emphatic, declaring that the nation’s medium-term growth prospects have never been more promising. The report underscores that the rapid expansion of oil production will persist, thanks to the impending launch of three newly approved oil fields between 2024 and 2027, with a sixth field slated to commence operations in the first half of 2028.
The enormity of these oil reserves, in relation to Guyana’s modest population of 800,000, has led some projections to suggest that the nation may eventually surpass Kuwait to become the world’s foremost per-capita crude producer.
Guyana, the sole English-speaking nation in South America, has taken proactive measures by establishing a sovereign wealth fund and augmenting investments in education, healthcare, and infrastructure.
This seismic economic shift positions Guyana as a global success story, offering an inspiring narrative of growth and development driven by its newfound oil wealth.
Source, Bloomberg
