Guyana could see 100 per cent growth of its gross domestic product (GDP) by this year end when compared to 2021 and 2022 figures. This is based on projections by the World Bank and International Monetary Fund (IMF). Guyana has already outstripped global growth averages.
According to Global Economic Outlook the global real GDP is forecasted to grow by 2.2 percent in 2023, down from 3.2 percent in 2022. And whilst in 2020 and after other economies around the world collapsed due to the pandemic Guyana growth rate has been immensely higher. In 2020 Guyana’s GDP grew by 43.5 per cent and by 19.9 per cent in 2021.
Last year the economy grew by 57.8 per cent and this year is projected to grow by 25.2 per cent, according to the IMF, which represents a 97.6 per cent growth in a two-year period. The World Bank said the economy grew by 47.9 per cent in 2022 and is projected to grow by 34.3 per cent this year, representing a 98.6 per cent increase in the two-year period.
This phenomenal growth is the result of the oil and gas discoveries of an estimated 11 billion barrels. Last year the Government raked in more than US$1.1 Billion in revenue and US$150 Million in royalty. This year’s revenue and royalty sums are expected to be much higher.
In spite of this wealth and growth, 48 per cent of the Guyanese live on less than GUY$1200 per day and 49 per cent of the population is considered poor according to an October 2022 World Bank Report. Guyana’s health care and education systems, and Guyanese standard of living still lag behind their Latin American and Caribbean counterparts with the exception of Haiti that has been plagued with natural and man-made disasters and political turmoil. Latin American and the Caribbean countries saw a growth rate of 3.5 per cent in 2022 and are projected to see a growth rate of 1.7 per cent this year.
