Guyana has a long history of mining – with Omai representing the largest gold operation in their history. The discovery of offshore oil in 2015 has significantly improved Guyana’s economic prospects for the future. A 2022 study by energy intelligence group Rystad Energy finds Guyanese oil production growing at such a rapid pace that it will surpass production levels in other big offshore basins, including the U.S., Norway and Mexico, by 2035 to become the world’s 4th-largest offshore producer. Rystad reports that Guyana has been the global leader for new discoveries since 2015, with 11.2 billion barrels of oil equivalent, which amounts to 18% of total global discoveries and 32% of discovered oil.1
Guyana has been identified as one of the fastest growing economies in the world. According to the IMF (Sept 27, 2022)2, “Oil production in Guyana has increased significantly. Oil GDP is expected to grow over 100 percent in 2022, and by about 30 percent on average per year during 2023-26. Oil production has the potential to transform profoundly Guyana’s economy (overall real GDP growth rate is projected to be 57.8 percent in 2022). Guyana’s commercially recoverable petroleum reserves is expected to reach over 11 billion barrels, one of the highest levels per capita in the world. This could help Guyana build up substantial fiscal and external buffers to absorb shocks while addressing infrastructure gaps and human development needs.”
According to estimates by the World Bank and International Monetary Fund (IMF), the English-speaking nation bordering Brazil, Venezuela and Suriname could see GDP growth of close to 100% at the end of 2023, compared with end-2021 figures, thanks to the growth expected this year and next. Guyana has already outpaced global growth averages. In 2020, with the economies of the world collapsed due to the coronavirus outbreak, Guyana’s GDP grew by 43.5%, and in 2021 by 19.9%.3
1 Forbes July 28, 2022 “New Oil Power Guyana On Pace To Surpass U.S. Offshore By 2035”
2 https://www.imf.org/en/News/Articles/2022/09/27/pr22323-imf-executive-board-concludes-2022-article-iv-consultation-with-guyana#:~:text=Oil%20production%20has%20the%20potential,per%20capita%20in%20the%20world.
3 (Guyana Poised to Post World’s Highest GDP Growth, November 11, 2022) https://www.bloomberglinea.com/english/guyana-poised-to-post-worlds-highest-gdp-growth/
