Guyana’s Economy to Grow 38% in 2023: IMF

Guyana’s economy is expected to grow 38% in 2023, according to the International Monetary Fund (IMF).

If the IMF’s expectations hit the mark, that would make Guyana the fastest-growing economy in the world for that year. 

The forecast sees Guyana’s growth being driven by an explosion in oil exports, which have been fueling other sectors in the country, such as infrastructure, transportation, agriculture and services.

Guyanese banks have been able to capitalize on the US dollar inflows from oil exports like never before, pushing the current account surplus to 23.8% of the country’s GDP.

More oil reserves are being discovered in Guyana. The country’s oil exports are expected to reach US$12 billion this year, up from just US$2 billion in 2019.

BMI Research, a unit of American ratings agency Fitch, expects Guyana’s economy to grow by 100% by 2027. Analysts see the country’s oil production reaching 1 million barrels per day by that same year, up from the current volume of 390,000 barrels per day.

The Guyanese government is investing the oil revenue in housing and skill training programs to ensure that the benefits of the oil boom are shared equitably. Money is also being directed to infrastructure and other development projects to diversify the economy and reduce its reliance on oil.