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Economics


GUYANA IS WORLD’S MOST BOOMING ECONOMY — AND IS SET TO GROW 38% THIS YEAR

 * Massive crude deposits first drilled by Exxon transform Guyana
 * Last year economy grew 62%; boom forecast to last for years

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Shoppers walk past vendors at the Stabroek Market in Georgetown, Guyana.

Photographer: Eilon Paz/Bloomberg
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By Matthew Bristow
September 11, 2023 at 10:01 PM GMT+1

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1:07

Guyana’s economy will expand 38% this year as a wave of oil wealth transforms
the South American nation, the International Monetary Fund said Monday.

Massive offshore oil deposits first drilled by Exxon Mobil Corp. in 2015 have
allowed the economy to quadruple in size over the last five years, with rapid
growth projected to continue for some time.

Source: Exxon Mobil

“The outlook for medium-term growth is better than ever before,” the IMF said in
a report. “Oil production will continue to expand rapidly as three new approved
fields will come on stream between 2024-27, and a sixth field is expected to
come on stream in the first half of 2028.”



Read more: Guyana Is the Most Exciting Story in the World Oil Market

The oil deposits are so large relative to Guyana’s population of 800,000 that
some projections show the nation overtaking Kuwait to become the world’s largest
per-capita crude producer.

Guyana, South America’s only English-speaking nation, has passed laws to set up
a sovereign wealth fund, and is boosting spending on education, health and
infrastructure, according to the government.


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