Guyana on course to have double economic growth in 2022-2023

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The World Bank is projecting that despite being surrounded by somber economic growth figures in the Caribbean and the world, Guyana’s economy will double in size in 2022-2023.

The World Bank has announced growth prospects for Guyana, other Caribbean countries and the world in its updated Global Economic Prospects report.

In Guyana’s case, the World Bank expects that the economy will double in size from 2022 to 2023.

This, according to the World Bank, is due to the rapid development of the offshore oil and gas industry.

In a further breakdown, the World Bank noted that Guyana’s economy would grow by 47.9 per cent this year and 34.3 per cent in 2023.

This is a reduction of 1.8 per cent on the 2022 figures and a 9.3 per cent increase on 2023.

Elsewhere, a robust growth of 6.9 per cent is projected for the Caribbean this year, dropping modestly to 6.5 per cent in 2023.

Overall growth in Latin America and Caribbean (LAC) is expected to slow to 2.5 per cent in 2022.

Globally, economic growth is expected to be approximately 2.9 per cent, a reduction of the original 4.1 per cent forecast in January.

Guyana, through oil giant ExxonMobil, began producing oil back in 2019. Since then, the country’s economic growth has taken off. ExxonMobil has also said it anticipates at least six projects offshore Guyana will be online by 2027.