–country on course for double growth again, IMF highlights

Amid global policy shifts and mounting uncertainty, Guyana is poised to be one of the world’s fastest-growing economies in 2025, with the International Monetary Fund (IMF) projecting a robust GDP growth of 10.3 perfect.
This forecast places Guyana second only to Libya in economic expansion, according to the IMF’s April World Economic Outlook theme “A Critical Juncture Amid Policy Shifts”.

According to the IMF, following a prolonged and unprecedented series of shocks, the global economy has shown signs of stabilization with “steady yet underwhelming growth rates”.
However, the landscape has shifted as governments worldwide adjust their policy priorities amid rising levels of uncertainty following several shifts in policies related to tariffs.
Following the onset of oil production in Guyana, the country has consistently achieved double-digit economic expansion.

Last Tuesday, the much-anticipated ‘ONE GUYANA’ Floating Production, Storage and Offloading (FPSO) vessel arrived in Guyana’s waters.
Slated for operations in the Yellowtail development, it joins the Liza Destiny, Liza Unity, and Prosperity FPSOs already producing oil in the prolific Stabroek Block offshore Guyana.
Constructed under SBM Offshore’s Fast4Ward® programme, the ONE GUYANA FPSO brings a production capacity of 250,000 barrels per day and storage for two million barrels of oil—a critical addition to Guyana’s growing offshore operations. Once production begins later this year, national output is

expected to climb to nearly 900,000 barrels per day—a remarkable milestone for a country that began producing oil just over five years ago, in December 2019.
In 2024 alone, Guyana earned US$2.57 billion (GY$536 billion) from its three operating FPSOs. With the arrival of this fourth vessel, those figures are poised to rise, but this isn’t just about numbers on a balance sheet—it’s about real, measurable impact on people’s lives.

NON-OIL ECONOMY
Meanwhile Guyana, during a projection, following the announcement of its fiscal package for the year 2025, noted that the country’s non-oil economy is expected to grow by 13.8 percent, as significant investments are made to diversify the economy.
The agriculture, forestry, and fishing sectors are anticipated to expand by 11.4 percent in 2025, with production increases across all subsectors.
In the sugar industry, growth of 115.4 percent is expected, with production targeting 101,000 metric tonnes.
This growth will be supported by efforts in mechanisation and conversion, as well as value-added production. Additionally, rice production is forecasted to expand by 12.4 percent, reaching 804,000 tonnes through expanded acreage and improved crop varieties developed through research and development.

The other crop sub-sectors are projected to grow by 11.7 percent, driven by expanded acreage and the country’s focus on strengthening local food security. Livestock production is also expected to grow by 7.5 percent across all categories.
The fishing industry will continue its upward trajectory, with a 5.8 percent growth driven by increased investments in aquaculture. The forestry sector is projected to grow by 1.3 percent, with a production target of 419,000 cubic metres.
In the extractive industries, mining and quarrying are expected to grow by 10 percent. Oil and gas production from the three existing FPSOs, along with the ‘One Guyana FPSO’, is expected to reach 786,000 barrels per day by the fourth quarter of 2025, contributing to a 9.5 percent projected growth for the sector.

Gold mining is expected to grow by 17.2 percent, with production anticipated to reach 501,000 ounces due to increased output from both large-scale and small- to medium-scale miners. Bauxite mining is projected to grow significantly by 70.1 percent, driven by increased production, particularly at the Linden mine, where output is expected to rise by 167.3 percent to 4.4 million metric tonnes.

Other mining and quarrying sectors are forecasted to grow by 39.7 percent, reflecting significant investments in public and private infrastructure projects.
The manufacturing sector is expected to grow by 30 percent, fuelled by expansions in sugar, rice, and other manufacturing subsectors. The construction sector is projected to grow by 24.8 percent, while the services sector anticipates growth of 8 percent, with notable expansions in wholesale and retail trade, administrative and support services, information and communication, and transport and storage. These sectors are expected to increase by 8.7 percent, 9.8 percent, 5.8 percent, and 9.3 percent, respectively.