A new report from the World Bank, which is examining changes in the global economy, is predicting that Guyana will continue to see major economic growth annually in the coming years.

In the report, which was released on the World Bank’s website, it predicts that Guyana will see a 25.2% growth rate this year, 21.2% in 2024 and 28% growth in 2025.

Guyana is listed as the only country in Latin America and the Caribbean that is expected to see double digit growth rates. Panama is expected to see the second highest growth rate for the region at just over 5%.

Guyana’s growth rate is being heavily fueled by the oil and gas sector.

With an additional floating production storage and offloading vessel coming on stream within months, the country is expected to see increased oil production and earnings.

The report noted that the Caribbean is still recovering from its especially
severe downturn as a result of the COVID-19 pandemic.

It notes that the tourism sector, which many countries depend on, saw a decline in earnings by 71% in 2020 and the industry is still in recovery mode. The report, however, notes that business confidence in the Caribbean and Latin America remains very high.

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