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Guyana could outperform all nations in GDP growth by 2024
Oil-driven Guyana, Brazil's northern neighbor, is projected to have the world's fastest economic growth by 2024, according to the International Monetary Fund (IMF). In its recent report World Economic Outlook, released on October 22, the IMF highlighted the South American country as the absolute leader in growth TAX ID No, with an expansion that should exceed 43,8%.
Guyana and accelerated growth: how oil changed the country's destiny
Since Guyana began exploring new oil wells On its coast, the country has been experiencing a true economic revolution. In 2020, initial oil production caused an explosion in GDP. The impact continued in 2022, with growth of 62,3%, and in 2023, with a rate of 38%. According to the IMF, the growth projection for 2024 is even bolder and should lead Guyana to surpass all other nations in the economic expansion index.
The Impact of Oil on Guyana's GDP
With the exploration of oil reserves off its coast, estimated by Exxon Mobil at 11 billion barrels, Guyana has become a major focus of the offshore industry. To give you an idea, Brazil has 14,8 billion barrels in proven reserves, in addition to approximately 49 billion in probable and possible reserves, according to the National Petroleum Agency (ANP). However, with a smaller and younger economy, the impact of reserves in Guyana is even more profound.
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- Accelerated production: Oil production has rapidly transformed the Guyanese economy, making it one of the countries with the highest GDP growth.
- Attraction of investments: The discovery of reserves has led the country to attract international investment, especially from giant companies in the energy sector.
- Change in infrastructure and public services: Oil revenues have allowed the government to make significant investments in health, education, housing and transportation.
How is Guyana leveraging its oil revenues?
According to Kenji Okamura, Deputy Managing Director of the IMF, the economic policies adopted by Guyana have been crucial in transforming oil revenues into improvements for the population. In February 2023, during a visit to the country, Okamura highlighted the notable advances in social areas. With the resources from oil, Guyana has invested in housing programs, modernization of the health system, education and transportation networks, directly benefiting citizens.
In addition, the country has undertaken strategic economic reforms, enabling the sustainable use of new revenues. This set of actions places Guyana in an advantageous position among emerging economies, strengthening its infrastructure and providing a solid foundation for the future.
Other growing countries: how does Guyana stand out?
In addition to Guyana, other emerging countries are expected to grow significantly in 2024. Here is a list of the highest expected growth rates:
- Guyana - 43,8%
- Niger - 9,9%
- Samoa - 9,7%
- palau - 8,1%
- Georgia - 7,6%
- India - 7%
- Rwanda - 7%
- Tajikistan - 6,8%
Guyana leads by a wide margin, while Niger and Pacific islands such as Samoa also show promising figures. This high growth in smaller economies is largely due to the exploitation of natural resources and the development of new infrastructure.
Global scenario and Brazil: economic outlook for 2024
While emerging economies lead the projections, global growth, according to the IMF, should reach 3,2% in 2024, a slight drop compared to 3,3% in 2023. Brazil, the largest country in Latin America, should grow 3%, slightly above the 2,9% recorded in the previous year.
In the United States, the world's largest economy, growth is projected at 2,8%, while Spain is expected to grow at 2,9%, the fastest rate among developed European economies. In contrast, Germany is expected to face zero growth in 2024, after a contraction of 0,3% in 2023.
Russia, impacted by economic sanctions due to the conflict with Ukraine, is expected to maintain a growth rate of 3,6%, similar to the previous year.
Guyana’s Future: Challenges and Opportunities
Guyana, with its rapidly expanding economy, faces the challenge of ensuring sustainable development that benefits its entire population. Continued sound economic policies and investments in infrastructure and social programs are essential to prevent growth from being temporary. However, with strategic management of oil revenues, the country has the potential to become a model of sustainable development among emerging economies.
Guyana thus symbolizes a new phase of growth in South America and stands out as an example of how natural resources can drive development when well managed.
Meanwhile, IBAMA takes us back to the Stone Age, or we who are thrown
Guyana, through American companies, exploits the river's voice and no one talks about the environment. Here in Brazil, it's all this nonsense. Let's exploit this crap right away and move up a level. And invest in massive railroads. A continental country like Brazil can't have only highways. Let's stop thinking small and think of a first world Brazil.
Guyana is a great example of an emerging country. Kisses to the fans.