Regional

Guyana Economy To Expand 38%

GUYANA – Guyana’s economy will boom again this year as it grows by an expected 38 percent thanks to “Unparalleled” oil sector expansion, according to a forecast from the International Monetary Fund.

Published

1 year ago

September 20, 2023

Jasmin Brown

GUYANA – Guyana’s economy will boom again this year as it grows by an expected 38% thanks to “Unparalleled” oil sector expansion, according to a forecast from the International Monetary Fund.

The international lender predicted crude oil output will expand quickly with three new fields coming online from next year through 2027, following a series of major discoveries in recent years.

“The outlook for medium-term growth is better than ever,” the IMF noted in a statement. “The guyanese economy continues to grow very rapidly, supported by the government’s modernization plans, including the unparalleled oil sector expansion.”