Dear Editor,
Guyana’s economy is growing at a speed never seen before, and the GDP numbers tell the story. The Gross Domestic Product (GDP), which measures the total value of goods and services a country produces, is often used as the main scorecard of economic health.
Before oil production, Guyana’s growth was modest: 0.7% in 2015, 3.3% in 2016, 2.1% in 2017, 4.1% in 2018, and 4.7% in 2019. At that time, even 4.7% was celebrated, though it was linked to oil-related investments rather than widespread local development.
Things changed dramatically when oil production began in December 2019. By 2020, GDP growth was 43.5%. It climbed 18.5% in 2021, 62.3% in 2022, and 33% and 43.6% in 2023 and 2024. International bodies such as the IMF have since named Guyana the fastest-growing economy in the world. This year’s projection of 10.3% still marks six years in a row of double-digit growth, something few countries have ever achieved.
But while the numbers are extraordinary, GDP alone does not tell the whole story. Growth on paper does not always translate into better living conditions for the average person. High prices, unequal opportunities, and the risk of an economy that depends too heavily on one resource are all issues we must confront. Oil has attracted foreign investors, but how many Guyanese are truly in control of these new businesses?
Already, there are concerns about practices like “rent-a-citizen” and “fronting,” where locals are used as a cover for foreign ownership. If this is happening, then much of the wealth may not remain in Guyana’s hands. The bigger question is whether our people, not just the companies and investors will reap the benefits of this boom.
For Guyana’s future to be truly bright, growth must be inclusive, sustainable, and built on more than oil. We must guard against short-term gains that leave ordinary Guyanese behind.
Sincerely,
Greg Lynch
