Saturday 26 September, 2020

Guyana rated fastest growing economy in the world

Movie Towne Guyana is one of the many investments the country is seeing lately.

Movie Towne Guyana is one of the many investments the country is seeing lately.

Guyana has been hailed as the fastest growing economy in the world.

An article by Prableen Bajpai in Nasdaq said this is based on a projected growth rate of 16.3 percent during the four-year period 2018-2021.

"With a GDP size of $3.63 billion (2018 Rank: 160), a growth rate of 4.1 percent in 2018 and 4.6 percent in 2019, Guyana’s economy is expected to grow by 33.5 percent and 22.9 percent in 2020 and 2021 respectively," the article said.

The article added that with a per-capita income of $5,194, Guyana is a middle-income country and is covered by dense forest. It is home to fertile agricultural lands and abundant natural resources. Gold, bauxite, sugar, rice, timber, and shrimp are among its leading exports.

"Back in 2000, the U.S. Geological Survey identified the Guyana-Suriname Basin as the second highest resource potential among unexplored oil basins in the world. ExxonMobil (U.S.), Esso (U.S.), Hess, Repsol (Spain), Anadarko (U.S.), Total (France), Tullow Oil (UK), and CGX Energy (Canada) have been a part of exploration and drilling activities over the years. ExxonMobil Guyana has made 13 discoveries since 2015 and plans to begin producing up to 120,000 barrels of oil per day from the Liza Phase 1 development in early 2020. Guyana is projected to be among the world's largest per-capita oil producers by 2025," the article said. 

Ethiopia, Rwanda, Bangladesh and India were listed among the top five fastest growing economies.



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