Guyana's Gross Domestic Product (GDP) is expected to grow 25.2 percent this year and 21.2 percent in 2024 as production from new oil fields continues to increase, according to the latest World Bank report.
According to the document on world economic prospects, this country will be the only one in the Caribbean region to register such a figure, while in terms of Latin America and the Caribbean in general, growth this year is expected to be only 1.5 %, lower than that registered in 2022 when it reached 3.7%.
With regard to the Caribbean specifically, production of the countries should expand by 5.1% this year, compared to the growth of 7.9% registered in the past year. The document also points out that by 2024, the Caribbean is expected to grow by 3.9% overall as external demand from advanced economies recovers.
These positive forecasts for the Guyanese economy continue to bode well for the country, especially in terms of attracting major international investors. In this regard, last Wednesday, President Dr. Irfaan Ali accompanied by several members of his cabinet met with investors from the main groups of US trustees and the Global Fund to discuss possible investment opportunities in the country and the ways in which Guyana can participate in the overall development.
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