— top 10 list with growth rates by IMF numbers

LEFT to the usual suspects, Guyanese and Caribbean people, at home and abroad, will not know that their homeland is among the fastest-growing economies in the world today, is ranked the fourth-largest offshore oil producer in the whole wide world, or that according to globally-respected financial institutions, it’s also the second-fastest growing economy on The Planet – and predicted to be Number One next year.

According to a June 2, 2023, article by Yash Sharma for BSEHExam.Org (Best Social Education Helper for Exams), as people everywhere naturally remain “curious about growth rate, GDP, economic growth, population and various significant factors of different countries around the globe,” an up-to-date study was done to update the fastest-growing list.
According to the findings, “Various nations are performing pretty-well, whereas many others are facing difficulties and challenges… but countries’ rankings, based on economic growth, keep on changing, depending upon various significant factors.”
The writer notes, “The most-commonly-used technique to calculate the growth of various countries is by estimating its GDP value” and identified “various factors affecting the economic growth of any country” as including “Inflation, Population, Unemployment Rate, Current Account Balance and Debt…”

The article notes that “Countries such as India, Macao SAR, Libya, Fiji, Guyana — and several others — are performing remarkably-well in terms of economic growth…”
It adds, “Most growing nations contain less population in comparison to other significant nations. However, regardless of vast population, India has shown remarkable growth…”
It also says, “India, Niger, Philippines, Vietnam, Ireland, Armenia, Uzbekistan and several others are included in the complete list (of fastest-growing economies in the world), even though their rankings based on economic growth can change, depending on various factors listed above…”

However, according to IMF figures, the top 10 countries with the highest growth rates, are as follows:
1. Macao SAR [Value: 58.9] [Population: 686,607]
This population of Macao SAR is approximately 6,75,766 (May 2023). According to IMF, this small nation has the highest Real GDP growth value in April 2023. The current GDP-PPP of Macao SAR is around 89,558 dollars (May 2023). However, IMP expects the growth value to go down in the coming years.
2. Guyana [Value: 37.2] [Population: 797,613]
Guyana, with the Real GDP growth value of 37.2. The population of this South American country is approximately 7,97,613 (May, 2023). The current GDP-PPP of Guyana is around 60.65 thousand dollars (May 2023). IMF expects this country to assume the first position in Real GDP growth in 2024.
3. Libya [Value: 17.5] [Population: 7,150,270]
Libya, with the Real GDP growth value of 17.5, has a current population of this nation is around 7,150,270 (May 2023). However, the GDP-PPP of Libya is around 24.6 thousand dollars (May 2023). The Real GDP Growth value of Libya will decrease in the upcoming years.
4. Palau [Value: 8.7] [Population: 18,345]
Palau’s Real GDP growth value is 8.7. The current population of this nation is around 18,345 (May 2023). The GDP-PPP of Palau is around 16.39 thousand dollars (May 2023). The current Real GDP growth value of this nation is expected to increase slowly in the forthcoming years.
5. Senegal [Value: 8.3] [Population: 18,109,786]
Senegal’s Real GDP growth value of 8.3 and the current population of this nation is around 18,109,786 (May 2023). However, the GDP-PPP of Senegal is around 4.51 thousand dollars (May 2023).
6. Maldives [Value: 7.2] [Population: 569,291]
Maldives’ Real GDP growth value of 7.2, with a current population of this nation is around 569,291 (May 2023). The GDP-PPP of Maldives is around 36.36 thousand dollars (May 2023).
7. Fiji [Value: 7] [Population: 915,503]
Fiji has a Real GDP growth value of 7. The current population of this nation is around 915,503 (May 2023). The GDP-PPP of Fiji is around 15.73 thousand dollars (May 2023). The Real GDP growth value of this nation is expected to go down in the next few years.
8. Democratic Republic Of Congo [Value: 6.3] [Population: 5,936,431]
Democratic Republic of Congo (DRC) has a Real GDP growth value of 6.3 and a current population is approximately 5,936,431 (May 2023). The GDP-PPP of the Democratic Republic of Congo is around 5.16 thousand dollars (May 2023). The Real GDP Growth value of this significant nation is expected to increase in the forthcoming years.
9. Côte D’Ivoire [Value: 6.2] [Population: 28,391,641]
Côte d’Ivoire has a Real GDP growth value of 6.2 and the current population of this Western African nation is around 28,391,058 (May 2023). However, the GDP-PPP of Côte d’Ivoire is around 7.01 thousand dollars (May 2023). The Real GDP Growth value of this nation is expected to slowly increase in the forthcoming years.
10. Rwanda [Value: 6.2] [Population: 13,941,641]
Rwanda has a Real GDP growth value of 6.2 and the current population of this Western African nation is around 13,941,641 (May 2023). However, the GDP-PPP of Côte d’Ivoire is around 3.09 thousand dollars (May 2023). IMF expects the Real GDP growth value of this significant nation to slowly increase in the upcoming years.
Conclusion
Guyana is bigger than some among the top ten fastest-growing economies (Macao, Maldives, Palau, Fiji) that are small islands or continental enclaves, but also has a much-smaller population than the African nations (Cote d’Ivoire, DRC, Libya, Senegal, Rwanda).
Developing nations are growing increasingly skeptical about use of IMF, World Bank, United Nations (UN) and European Union (EU) yardstick to graduate them out of qualification by promotion to higher growth rates based solely on GDP numbers.
However, the inescapable bottom line being spelt-out by the figures above is the fact that everything about Guyana’s ever-growing economic growth rate has to do with how well the economy is being managed in the nation’s wider interest at this very-early stage in what’s evidently already starting to feel as the best future Guyana will ever have in its lifetime.