Guyana’s Economy Set To Grow By 5.1%

With a per capita gross domestic product of $8,300 in 2016 and average GDP growth of 4.2% over the last decade, Guyana is one of the fastest developing countries in the Western Hemisphere.

The country is expected to see an overall economic growth of 5.1 percent for this year, with further growth over the next two years.

The World Bank, in its recent semiannual report of the Latin America and Caribbean region, said the country would, in 2021 and 2022, experienced GDP growth of 8.7 percent and 2.6 percent GDP, respectively.

The report noted that Guyana’s economy had expanded by some 4.7 percent in 2019, with anticipated oil revenues spurring expansion in non-traded sectors.

The World Bank has indicated that oil production is set to boost the country’s GDP growth to an unprecedented level this year.

Carol May, Readers Bureau, Fellow

Edited by Jesus Chan

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