A report for the world’s second largest stock market, NASDAQ, has named Guyana as the fastest growing economy in the world.
In a report compiled for the stock exchange, it said that with a projected growth rate of 16.3% during the four-year period 2018-2021, Guyana is the fastest growing economy in the world.
According to the report, with a GDP size of $3.63 billion (2018 Rank: 160), a growth rate of 4.1% in 2018 and 4.6% in 2019, Guyana’s economy is expected to grow by 33.5% and 22.9% in 2020 and 2021 respectively.
The report added that with Guyana’s per-capita income of $5,194, the country is a middle-income country that has an abundance of resources.
The report also pointed to the ExxonMobil discoveries in Guyana and the income that will come to the country when oil production begins next year.
Exxon is expected to start producing up to 120,000 barrels of oil per day from the Liza Phase 1 development next year and the country is projected to be among the world’s largest per-capita oil producers by 2025.
Just recently, the International Monetary Fund heaped praises on Guyana for its economic growth and stability over the past few years.