Guyana ranked ‘fastest growing economy in the world’

Jun 29, 2019 News

Guyana has taken the lead as being the country with the fastest growing economy in the world. This is according to a report by the National Association of Securities Dealers Automated Quotations Incorporated (NASDAQ).
The NASDAQ stock market is known to the world as a popular American Stock Exchange Market. It is in fact, the second largest stock exchange corporation in the world by market capitalisation, just shadowing behind the New York Stock Exchange.
Guyana has had a projected growth rate of 16.8% during the four- year period of 2018-2021, which has led investigators of the stock exchange giant to the conclusion that the country is currently the fastest growing economy in the world.
The country currently has a Gross Domestic Product (GDP) size of $3.63 billion (2018 Rank: 160), a growth rate of 4.1% in 2018 and 4.6% in 2019.
According to the report, the economy is expected to grow by 33.5% and 22.9% in 2020 and 2021 respectively. With a per-capita income of $5,194, Guyana is described in the report as a middle-income country with a dense forest and is home to fertile agricultural lands and abundant natural resources. Gold, bauxite, sugar rise, timber and shrimp are among its leading exports.
According to the article, Guyana’s economic growth increase is due to its newfound oil wealth; “ExxonMobil (U.S), Esso (U.S), Hess, Repsol (Spain), Anadarko (U.S), Total (France), Tullow Oil (U.K) and CGX (Canada) have been a part of the exploration and drilling activities over the years. ExxonMobil Guyana has made 13 discoveries since 2015 and plans to begin to producing up to 120,000 barrels of oil per day.”
The country is also projected to be among the world’s largest per-capita oil producers in 2025.
The report follows an International Monetary Fund (IMF) report, which indicated that the growth trend would stay on course once driven by continued strength in construction and services sectors, ahead of oil production in 2020. The report also revealed that inflation remained in a concrete position at 1.6% at the end of 2018, on the back of stable food prices and exchange rates.

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