ECLAC ups projected 2023 GDP growth rate for Guyana to 39.2% – Guyana Times
Following strong performances from Guyana’s oil and non-oil economic sectors, the Economic Commission for Latin America and the Caribbean (ECLAC) has upped its 2023 projected Gross Domestic Product (GDP) growth rates for Guyana to 39.2 per cent.
“In 2024, GDP in Latin America and the Caribbean is projected to grow by an average of 1.9per cent, maintaining the trend of low growth. All subregions are forecast to grow less than in 2023: projections are 1.4per cent for South America, 2.7per cent for Central America and Mexico, and 2.6per cent for the Caribbean (excluding Guyana).”
Guyana’s rapid economic growth since the start-up of oil production in 2019 was highlighted by the International Monetary Fund (IMF), with the Fund revealing in its 2023 Article IV consultation staff report that Guyana’s economy has tripled in that time.
According to the IMF, Guyana’s rapid economic growth owes much to oil production, which started with the Liza Destiny Floating Production, Storage and Offloading (FPSO) vessel in the Stabroek Block. According to the IMF, Guyana has per capita the largest oil reserves in the world and a higher real Gross Domestic Product (GDP) growth than any other country.
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