Guyana poised to continue outperforming other Caribbean countries in economic growth–IMF Regional Economic Outlook

Guyana is poised to continue outperforming its Caribbean counterparts in economic growth this year, proving that it is indeed one of the fastest-growing economies in the world.

This is according to a recently published report by the International Monetary Fund (IMF) titled Regional Economic Outlook.
Guyana recorded the world’s highest real GDP growth in 2022 at 62.3 per cent and is continuing to rapidly increase this year – with an estimated increase of 38.4 per cent in 2023 and 26.6 per cent in 2024.

For context, real GDP is a measure of all the goods and services produced in a nation.

Guyana is one of the few countries in the Latin America and Caribbean regions with a two-digit real GDP growth projection by the international financial institution.

The country with the second highest growth – St Vincent and the Grenadine’s real GDP is projected to grow by 6.2 per cent followed by Panama with 6 per cent.

Previous IMF reports credited the country’s massive economic growth to the ramping up of oil production and growth in the non-oil sectors which are supported by the implementation of fast-paced public investments by the government.

Meanwhile, in the first half of 2023, Guyana recorded an overall real GDP growth of 36.4 per cent with the non-oil economy growing by 8.3 per cent, reflecting the government’s policies on modernising the traditional pillars of the economy.