SINCE entering office in August 2020, the Irfaan Ali-led government has been able to efficiently steer the country’s economic success to the point where every citizen has no choice but to beam with pride.
Although still considered to be a developing nation, Guyana has been recognised as a powerhouse in the region and further afield, thanks to the expansive growth of the oil and gas sector.
This fact has been supported by the World Bank, which, in a recently released report, said that Guyana is well positioned as a leader of economic progress in the Caribbean and Latin America.
According to the report, the country is projected to experience a 33.4 per cent growth in its Gross Domestic Product (GDP) by the end of 2024. While this is good news for the nation, the bank’s prediction comes as no surprise.
From the inception, the government made it clear that its policies and actions will align with economic progress to ensure that all Guyanese live their best possible lives, and at the same time, the country experiences expansive growth and development.
Rightfully so, the focus is not solely on the oil and gas sector. In fact, the government’s intent is holistic, in that every sector has been included in the plan to ensure sustainability and economic prosperity, and guarantee that Guyana becomes, and remains, a key player on the international stage.
Guyana has shown, many times over, how valuable it is to the Caribbean region in particular. Cementing its place in regional trade, and spearheading efforts to achieve food security and decrease the region’s food import bill by 25 per cent by 2025, Guyana’s approach to economic growth has been recognised by many leaders and organisations.
The International Monetary Fund (IMF) has also made a huge projection for Guyana’s 2024 economic growth, highlighting that the Guyanese economy has tripled in size since the start of oil extraction (end-2019), from having one of the lowest GDP per capita in Latin America and the Caribbean in the early nineties.
The Caribbean Development Bank (CDB) has also spoken positively about the country’s economic standing, revealing that its increased production of oil and gas is “a significant driver” of regional growth.
Critical investments and partnerships with local and international partners have played a major role in Guyana’s success story.
The continued expansion of the housing and tourism and hospitality sectors, and the construction of vital thoroughfares, which will boost opportunities for trade, tourism and logistics, are among the checked boxes when it comes to the contributors of Guyana’s economic growth within the last four years.
Another contributor is the heavy investment in education, which has, so far, provided thousands of Guyanese with the opportunity to expand their educational range and be an active participant in the country’s growth and develop.
Guyana stands as a formidable force, setting the pace for explosive economic growth in the Caribbean and Latin America.
