Guyana to grow at 25 per cent annual rate over next three years
Guyana is projected to grow at an average of 25 per cent annually from 2023 to 2026, with growth in the non-oil sector projected at 7.9 per cent this year.
President Dr Mohamed Irfaan Ali disclosed this information during a media conference on Wednesday.
According to a report from the Department of Public Information (DPI), this will build on the 11.5 per cent growth in the non-oil sector last year.
Ali told local media that Guyana’s economy has almost tripled since the end of 2020, with the nominal Gross Domestic Product (GDP) moving from $1.1 trillion in 2020 to $3.1 trillion at the end of 2022.
This, he said, is mainly owing to the start-up of oil production on the Liza Unity FPSO.
“Despite challenges, Guyana managed to grow its economy and put measures in place to reduce the burden of elevated prices on citizens while, at the same time, prudently managing financial resources,” he pointed out.
This was demonstrated when, at the end of 2022, Guyana’s debt-to-GDP ratio stood at 24.6 per cent. The reduction is significant compared to a percentage of 38.9 per cent just one year prior.
The president said this demonstrates the government’s commitment to prudent fiscal management for the country’s resources.
“If you look at economic growth estimates, the world is estimated to grow at 2.8 per cent in 2023, advanced economies are expected to grow at 1.3 per cent, Latin America and the Caribbean, 1.6 per cent, Caribbean tourism-dependent countries at 3.2 per cent, Caribbean commodity exporters, 18.7 per cent. Guyana is expected to grow at 25.1 per cent,” he outlined.
It is estimated that global inflation currently stands at 6.1 per cent, while inflation for Latin America and the Caribbean stands at 11.8 per cent.
Guyana is estimated to have a 3.8 per cent inflation rate.
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