Guyana is the Latin American country that will have the greatest economic growth in 2025
The economic growth projections for 2025 favor Guyana, a South American country that, according to analysts, has been secretly but extraordinarily rising. Next year, an expansion of 12.3 % is expected
In Latin America, the country that will have the greatest economic growth in 2025 is Guyana, according to the predictions of analysts and organizations such as the World Bank, which projects an expansion of 12.3 %.
On a par with world economies, such as China and India, Guyana is preparing for growth supported by “its vast natural resources and the drive of a new industry.” The country, with some 800,000 inhabitants, has demonstrated sustained growth for five years. According to the latest report “on global economic prospects in the Latin American and Caribbean region, the World Bank (WB) adjusted its forecasts and highlighted the economic boom of a country, with exceptional growth projections for 2025.”
Guyana went from being one of the poorest nations in the region to one of the richest in terms of per capita income in five years. This is demonstrated by data from the WB 2024 report, which projects an expansion of 12.3 % for 2025. “Guyana’s economy expanded by 43.5% in 2020, 20.1% in 2021, 63.3 % in 2022, and 33.8 % in 2023. Growth of 43.0 % is expected for this year,” they say in the report.
One trump card that this country has been able to use is oil, which has made it the fourth-largest oil producer in the world, “above historically productive nations such as Qatar, the United States, Mexico and Norway.”
Although its economy is based on agriculture, gold and diamond mining, and forestry, “up to the beginning of this year, reserves of approximately 11 billion barrels of oil were discovered” with the possibility of reaching 17 billion.
The discovery of oil on the coasts allowed a substantial increase in GDP. Current production is almost double that of Ecuador and is expected to reach 800,000 barrels per day next year.
M.Pino
Source: cronista
(Reference image source: Dinesh Chandrapal in Unsplash)
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