–with projected 24% growth in real GDP, ECLAC’S report highlights

GUYANA’S economic transformation shows no signs of slowing down, as after posting unprecedented growth in 2024 and maintaining double digits expansion in 2025, the country is poised to witness another year of acceleration in 2026, with the United Nations Economic Commission for Latin America and the Caribbean (ECLAC) forecasting a 24 per cent real GDP growth.
The projections were highlighted by ECLAC in its Preliminary Overview of the Economies of Latin America and the Caribbean 2025.
According to the report, real Gross Domestic Product (GDP) growth is projected at 24 per cent for 2026, while growth in 2024 and 2025 was estimated at 43.6 per cent and 15.2 per cent, respectively.
The projection underscores Guyana’s continued performance in the region. According to the report, the Caribbean, excluding Guyana, is forecast to grow by 1.8 per cent in 2026, at a slightly slower pace compared with 2025.
The UN ECLAC noted that economic expansion is subject to tourism and construction trends in the subregion, which is highly vulnerable given its dependence on imported energy, high transport costs and exposure to natural disasters.
The positive outlook for Guyana reinforces the recent assertion advanced by President Dr. Irfaan Ali that Guyana is entering what he described as its “Golden Era,” driven not only by oil and gas but by a strategic plan to foster long-term, diversified development.
In a recent address, the President noted that while much of Guyana’s momentum is buzzing around its burgeoning oil and gas sector, the government remains disciplined in its efforts in ensuring that the country’s economy is one that will be built on pillars of diversification.
Dr. Ali had said: “This journey that we are on is now getting fired up, but we are not only injecting fuel on this leg of the transformation.”
Guyana, he noted, has built its energy ecosystems around understanding the global environment to ‘shock proof’ its economy from shortfalls.
The Head of State had said: “We are living in what is described as Guyana’s Golden Era, a time where our nation will be the envy to many, a time when the world is looking to us, not out of curiosity, but out of admiration and critically it means that the opportunities for Guyanese firms will multiply.”
He noted too that Guyana is building out an infrastructure, allowing the country to enhance its capacity to take care of consumption. This is an energy mix and integration which he believes is critical for resilience and sustainability.
He stressed that the country’s long-term strength will not be on how much oil it produces, but how wisely it converts that wealth into infrastructure, human capital, energy security and a diversified economy.
SOCIAL INVESTMENT ALONGSIDE GROWTH
Back in August, President Ali had described the PPP/C’s manifesto as a “blueprint for development” and a binding pact with the people, rather than a collection of campaign promises.
He had stressed at the manifesto’s official launch that it was crafted over several years through community engagement and policy planning, ensuring that it reflects national priorities rather than election-period rhetoric.
At its core, the manifesto focuses on strengthening macroeconomic stability while building resilience against global shocks such as market volatility and international conflicts. It prioritises regional development, major infrastructure projects, household empowerment and small-business growth, with the overarching goal of ensuring prosperity and stability across all sectors of society.
Since returning to office following the September 1 polls, President Ali has touted the government’s plans to unveil a suite of comprehensive measures to support households and cushion the global trend of increased cost of living.
The government has invested heavily in the social welfare of Guyanese, while also building out the country’s infrastructural landscape to enable long-term growth and sustained development.
Among the plethora of measures rolled out from 2020 to 2025 are the re-introduction and increase of the education grant to the children; the increase in old-age pension; increase in public assistance; targeted cash transfers, and the grant for persons living with disabilities; health vouchers and programmes; and the removal and reduction of taxes, along with other targeted tax-deduction measures.
In addition to this, the government has abolished tuition fees at the University of Guyana and several technical vocational institutions, making tertiary education free of cost.
Meanwhile, several nursery, primary and secondary schools were rehabilitated and newly commissioned in an effort to promote equitable access to education levels.
The government also moved to open several new regional hospitals, thereby enhancing the delivery of healthcare across the country.
POLICY CONTINUITY
Recently, Senior Minister within the Office of the President with Responsibility for Finance, Dr Ashni Singh, had stated that the 2026 National Budget will be firmly anchored in the government’s manifesto commitments, setting the direction for delivery over the next five years.
“We pride ourselves on policy, clarity and policy continuity. We pride ourselves as a party in government, and we have been very clear about what we intend to do over the next five years before the 2025 general elections of the 1st of September,” the Finance Minister had said.
Dr. Singh emphasised that policy consistency, clarity and continuity remain central to the administration’s approach.
In his remarks, he had outlined the government’s proactive role in shaping the country’s economic trajectory, stressing that the transformation underway is not accidental but the result of a clear and focused vision.