Guyana set to grow by 20.9% in 2021 – CARICOM Business

Guyana is projected to become the highest per capita oil producer in the world by 2035 (Photo via DPI)

Guyana’s economy will remain resilient against the effects of COVID-19, maintaining its growth trajectory as the petroleum sector ‘picks up steam’, the World Bank has said.

Guyana grew at an extraordinary rate of 43.5% in 2020, having completed a year of oil production. The positive spillover effects have been dampened by a deep contraction in the non-oil economy, triggered by COVID-19 mitigation measures.

Despite the lingering adversities, projections remain positive, with the country set to record economic growth of 20.9% at the end of 2021, 26.0% in 2022 and 23.0% in 2023.

Extract from CARICOM BUSINESS Vol. 4 No. 13

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