LatAmOil: Guyana’s economy to grow 25% per year thanks to oil sector

Guyana’s Finance Minister Ashni Singh stated on February 16 that his government expects national economic growth to average at least 25% over the next three to four years. This will make the South American country, which became an oil producer in December 2019, one of the world’s fastest-growing economies.

“From 2020 onwards, we’ve achieved extremely strong real economic growth overall,” Singh stated at the Guyana Energy Conference and Expo in Georgetown. “Over the last three years, the Guyanese economy has tripled in size.”

He was making a reference to the 62% real growth achieved by Guyana’s economy during the past year. In 2023, the nation’s economy is expected to achieve a further 25% in real growth, driven largely by investment in hydrocarbon exploration and development projects.

Meanwhile, the South American country’s oil and gas industry is forecast to grow by 31% this year, reaching a total valuation of $1.63bn, assuming average crude of $83 per barrel.