Guyana’s economy will boom again this year as it grows by an expected 38% thanks to “unparalleled” oil sector expansion, according to a forecast from the International Monetary Fund (IMF) released on Monday.
The latest 2023 estimate follows real gross domestic product (GDP) expansion of 62% in the South American country last year, which was the highest level of economic growth in the world.
The international lender predicted crude oil output will expand quickly with three new fields coming online from next year through 2027, following a series of major discoveries in recent years.
“The outlook for medium-term growth is better than ever,” the IMF noted in a statement. “The Guyanese economy continues to grow very rapidly, supported by the government’s modernization plans, including the unparalleled oil sector expansion.”
Guyana is also seeing fast-paced economic expansion beyond its surging energy industry, as it posted first-half 2023 real non-oil GDP growth of more than 12%, according to the IMF statement.