Guyana, the world’s fastest growing economy, predicted to grow more than 115%
Guyana, a country in South America, is the world’s fastest growing economy, expected to grow by more than 115% in the next five years. It is projected to grow 38% by the end of the year - which is considered extremely rapid - according to recent gross domestic product forecasts by the International Monetary Fund.
This is mainly resulted from the profits in the oil production and export sector. Higher the oil production is, the higher Guyana’s net export will develop, which will contribute to the economic growth. Besides the growth in oil production, growth in the non-oil sector has also been boosted by investment in transportation, housing, and raising human capital. This will bolster the economic growth for a more stable future.
Moreover, other than the oil sector should consistently develop for the uncertain world economy, as Marcel stated “over time, oil prices will be quite volatile and eventually stay low. That’s why it’s extremely important for Guyana to diversify its economy”. Especially, Guyana should be cautious with the Dutch disease that arises from rapid development as a result of newfound resources, which paradoxically harms the broader economy.