Home Economy IMF tips Guyana to be world’s fourth-largest growing economy in 2021

IMF tips Guyana to be world’s fourth-largest growing economy in 2021

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A global financial institution has forecasted that Guyana’s economy will be among the frontrunners for growth this year.

The International Monetary Fund’s April 2021 report predicts the South American country, which has been pinpointed as the oil and gas industry’s next hotspot, will expand by 16.4% in terms of Real Gross Domestic Product (GDP) in 2021.

According to the IMF, it will only be trumped by the Maldives (18.9%), the autonomous Chinese region of Macao SAR (61%) and Libya (131%), which is an OPEC member.

Libya, which was once one of Africa’s wealthiest nations, has been buoyed in the last year by the resumption of oil drilling following a truce in the country’s long-running civil war.

In recent years, Guyana has been the subject of several huge oil discoveries, equating to around nine billions barrels of oil recoverable.

Some of the world’s biggest energy companies, including ExxonMobil, Total, Tullow and CNOOC, have all…

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