Guyana on track for 47.2 growth in 2022 – CARICOM Business
According to the IMF, Guyana’s economy remains resilient in the face of global economic tensions, and is on track for 47.2% growth by year-end. This is only a slight variation from the 47.9% projected by the World Bank, which is also projecting growth of 34.3% in 2023 for Guyana.
In the meantime, Guyana’s economy grew by 72.03% between 2019 and 2021, outperforming all others in the Latin America and Caribbean, or LAC, region. Guyana’s economic growth is underpinned by the development of a nascent oil and gas sector, and spin-off developments.
However, according to Guyana’s Senior Minister in the Office of the President with responsibility for Finance, Dr. Ashni Singh, the non-oil economy is also expected to continue registering strong growth, projected at 7.7% in 2022, and driven mainly by rebounds in rice growing and gold mining, and continued expansion in construction activity and wholesale and retail trade and repairs. The rice sector is also expected to expand by 25.1% in 2022, the gold mining sub-sector by 12.2% and construction by 10.5%
Extract from the CARICOM BUSINESS Newsletter, Vol 5 No. 17
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