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World Bank: Despite volatile oil prices, Guyana boosts regional growth
…says outlook for Caribbean economies remains “solid” reflecting Guyana’s oil boom
Guyana’s prolific Stabroek Block that is operated by ExxonMobil Guyana Limited
Kaieteur News – Despite the volatility in global oil process, Guyana’s strong performance has significantly boasted the Caribbean’s overall economic prospect. This is according to the World Bank’s latest Global Economic Prospects report released earlier this month.
The Bank said, “Growth in the Caribbean economies is projected to remain solid, reflecting Guyana’s continuing oil boom, with aggregate GDP expanding by 3.9 percent in 2025 and 6.2 percent on average in 2026-27.”
It added that Guyana’s oil boom is expected to sustain solid economic growth across the Caribbean in the coming years. Without Guyana, however, the Caribbean’s growth rate is expected to moderate to 3% in 2025 and 3.3% on average in 2026-27, supported mainly by tourism and other services activities.
Oil is currently being produced from the Stabroek Block located offshore Guyana. This block renowned for its vast oil potential, has been the subject of global attention since oil production commenced five years ago.
American oil giant is the operator of the block which is estimated to hold 11.6 billion barrels of oil. Notably, Exxon is currently producing over 650,000 barrels of oil per day (bpd) from Liza 1, Liza 2, and Payara developments, supported by three floating production storage and offloading (FPSO) vessels—Destiny, Unity, and Prosperity. Exxon’s fourth development, Yellowtail, is expected to come onstream later this year, with the fifth and sixth projects, Uaru and Whiptail, scheduled for startup in 2026 and 2027, respectively.
Notably, the company has already made applications for a seventh and eight projects: Hammerhead and Longtail.
Similarly, Ian Durant, Director of Economics at the Caribbean Development Bank (CDB) had stated that Guyana’s rapid economic expansion, fueled by its growing oil sector, continues to be a major driver of regional economic growth.
Durant had highlighted the significant role Guyana plays in shaping the economic outlook for the Caribbean.
“Growth rate varied among borrowing member countries with Guyana and Haiti standing out as outliers. Guyana again was the standout performer with its economy surging by 43.5% fueled by the increased oil production and continued expansion in its non-energy sectors,” Durant had said during a CDB event held earlier this year.
He pointed to the transformative effect of Guyana’s economic boom on the region noting that the country’s positive performance has significant influence on regional economic growth.
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- Exxon, GDP, oil, Stabroek, World Bank
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