Guyana is among the few nations in the world which managed to evade economic contraction during 2020 as massive investments fueled by the more than 10 billion barrels of oil equivalent resources found off of its coast continue to pour in.
American stock exchange giant Nasdaq says with a projected 16.39% growth in 2021, Guyana is among the fastest growing economies in the world.
“Its GDP of $5.76 billion in 2020 is expected to expand to $7.25 billion in 2021 and enter the double digits by 2023. It has a GDP per capita income of $7,327 which is estimated to grow to $9,192 in 2021 and touch $15,000 by 2025,” Nasdaq said in its analysis of the fastest growing economies in the world for 2021.
Since its first world-class discovery in 2015, ExxonMobil has made over 22 discoveries at the prolific Stabroek Block. The company began producing oil in December 2019.
Guyana is now among the top 20 largest oil and gas reserve holders in the world and is projected to be among the world’s largest per capita oil producers by 2025.
The country has received well over US$430 million to date from the sale of its share of Liza Crude and natural resources minister Vickram Bharrat has said this could hit US$600 million by year end.
The World Bank has estimated that export revenues from multiple offshore projects could be around US$72.8 billion and that government revenues could reach around US$45.4 billion over the life span of the projects (or an average of around US$2.1 billion/year).