Guyana named as world’s fastest growing economy

Guyana 1-680485-edited

The Antigua Observer quotes a NASDAQ report stating that Guyana has the fastest growing economy rate in the world. Although the article mentions that the country has an “abundance of resources,” it focuses on discoveries made by ExxonMobil in Guyana and the country’s expected oil production.

The world’s second largest stock market NASDAQ, has named Guyana as the fastest growing economy in the world. In a report, NASDAQ said that with a projected growth rate of 16.3 per cent during the four-year period 2018-2021, Guyana is the fastest growing economy in the world.

NASDAQ says that with a GDP size of $3.63 billion (2018 Rank: 160), a growth rate of 4.1% in 2018 and 4.6% in 2019, Guyana’s economy is expected to grow by 33.5% and 22.9% in 2020 and 2021 respectively.

The report added that Guyana is a middle-income country that has an abundance of resources. The report also pointed to the ExxonMobil discoveries in Guyana and the income that will come to the country when oil production begins next year. Exxon is expected to start producing up to 120,000 barrels of oil per day from the Liza Phase 1 development next year and the country is projected to be among the world’s largest per-capita oil producers by 2025.

Source: https://antiguaobserver.com/guyana-named-as-worlds-fastest-growing-economy/

[Photo above: Aerial view of Guyana en route to the capital city, Georgetown. Photo taken by AIRINC surveyor Rose Allen. From https://airshare.air-inc.com/topic/guyana]

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