Guyana’s 2023 economic outlook to grow by 25.2% – World Bank

People in Georgetown

The World Bank has stated that Guyana is the only country in the Caribbean region that is projected to record a double-digit growth in the economic outlook for 2023.

According to the World Bank’s latest report – Global Economic Prospects, growth in Latin America and the Caribbean is expected to slow sharply from 3.7% in 2022 to 1.5% in 2023.

With regards to the Caribbean specifically, output by countries is set to expand by 5.1% this year, compared to the strong 7.9% growth last year.

The report states: “The subregion’s outlook partly reflects the oil boom in Guyana, where GDP is expected to grow by 25.2 percent this year and 21.2 percent in 2024 as production at new oil fields continues to ramp up.”

Guyana is the only country with a double-digit projection since output in the other nations is expected to grow at an average rate of 3.3% in 2023, boosted by continued recovery in tourism and buoyant remittances.

The World Bank report further noted that for 2024, aside from Guyana, the Caribbean is expected to grow by 3.9% as external demand from advanced economies recovers.

Meanwhile, these positive outlook for Guyana’s economy continues to augur well for the country especially through the attraction of major international investors.

Only Wednesday, President Dr Irfaan Ali met a team of investors from several of the major US and Global Fund managers group at the Office of the President on Shiv Chanderpaul Drive.
The large delegation spoke to the Head of State about potential investment opportunities, and highlighted their areas of expertise, while they enquired about the Government’s vision of the country and ways they can participate in the overall development.

The visitors represented the Bank of America, Hess Corp, Capital Group, MFS Investment Management, Aristotle and Black Rock among other corporations.

President Ali was joined by Vice President, Dr Bharrat Jagdeo; Senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, and Director of Presidential Affairs, Marcia Nadir-Sharma.