- The world’s fastest growing economy is on track for a more than 100% growth, largely fueled by profits from its oil production and export sector.
- Guyana, a country in South America with a population of about 800,000 people, is projected to grow 38% by the end of the year, according to recent GDP forecasts by the International Monetary Fund.
- BMI, a Fitch Solutions research unit, is also of the view that “Guyana will see explosive growth this year” — and is expected to rise about 115% in the next five years.
The Demerara River in Guyana, South America.
Arterra | Universal Images Group | Getty Images
The world’s fastest growing economy may be on track to grow by more than 100% by 2028, largely fueled by profits from its oil production and export sector, according to one analysis.
Guyana, a country in South America with a population of about 800,000 people, is projected to grow 38% by the end of the year — an “extremely fast” pace, according to recent GDP forecasts by the International Monetary Fund.
The IMF is not alone in its optimism.
BMI, a Fitch Solutions research unit, is also of the view that “Guyana will see explosive growth this year,” said Andrew Trahan, its head of Latin America country risk.
He expects real GDP in Guyana to rise about 115% in the next five years.
“The exact magnitude of the increase [is] dependent on how quickly additional oil production is brought online,” he added.
BMI sees oil production in Guyana to jump from around 390,000 barrels per day this year…
