–ECLAC report shows
GUYANA’S economic outlook remains bright, as the country’s economy is expected to record double-digit growth yet again, reaching nearly 40 per cent by the end of this year, according to the Preliminary Overview of the Economies of Latin America and the Caribbean 2023 report published by the Economic Commission for Latin America and the Caribbean (ECLAC).

“In Guyana, the GDP growth rate is expected to be in double digits in 2023, close to 40 per cent in real terms, as a result of the start-up of offshore oil production,” ECLAC said.
The International Monetary Fund (IMF), in its 2023 Article IV Consultation report published recently, commended the Government of Guyana for its economic management, including the implementation of policies and initiatives geared at transforming Guyana’s economy.

The findings were published following an official IMF mission visit to Guyana in September. The IMF, in its findings, highlighted that Guyana’s real GDP is expected to continue to grow rapidly, adding that Guyana achieved the highest real GDP growth in the world in 2022 – 62.3 per cent.

The Guyanese economy has tripled in size since the start of oil extraction (end-2019), from one of the lowest GDP per capita in Latin America and the Caribbean in the early 90s.

Oil production is growing, with a third oil field – Payara – on stream, and growth in the non-oil sector is supported by the implementation of a fast-paced public investment programme, focused on providing transportation, housing, and flood-management infrastructure, and raising human capital. Moreover, spinoffs from oil and construction are supporting growth in the services and supplies sectors.

Meanwhile, in relation to inflationary pressures, the IMF noted that the government introduced a suite of measures in 2022 and 2023, which has contributed to a decline in the inflation rate in 2023.

Guyana is poised for continued rapid expansion, with on-average growth of 20 per cent per year during 2024-28.
The IMF projects that non-oil GDP growth will be sustained at 5.5 per cent, as the government continues its plans to address the country’s developmental needs.

The IMF reported that the government’s current expansionary fiscal policy stance is appropriate, given the country’s development needs and is appropriately balanced by monetary policy.