IMF: Guyana Leads Global Growth with 38%

The International Monetary Fund (IMF) expected Guyana's economy to grow by 38% this year, as the country's vast oil wealth has changed the fortunes of the South American country.

Huge offshore oil deposits first drilled by ExxonMobil in 2015 have allowed the country's economy to quadruple in size over the past five years, with the rapid pace of growth expected to continue for another period.

“Guyana’s medium-term growth prospects are better than ever,” the IMF wrote in a report. “Oil production will continue to expand rapidly with three new fields approved for operation between 2024 and 2027, and a sixth field expected to come online in the first half of 2028.” 

Guyana is planning a new oil auction in 2024 to maintain the pace of development

Guyana's oil reserves are very large compared to its population of 800,000 people, and it is expected to surpass Kuwait to become the largest producer of crude oil in the world per capita.

According to the country's government, Guyana - the only English-speaking country in South America - has passed laws to create a sovereign wealth fund and is boosting spending on education, health and infrastructure.