Economy & Business - January 2022

CARIBBEAN POINTERS

*** GUYANA STREAKS AHEAD. The latest Global Prospects report from the World Bank forecasts GDP growth of 49.7% for Guyana in 2022, more than double its June 2021 estimate for this year of 23.7%. For 2023, the World Bank is expecting a further 25% expansion, reflecting the continuing effects of Guyana’s booming oil sector. In 2021, output from the petroleum sector increased by 65.4% on the year before, and it is estimated that Guyana’s oil earnings could double again by 2025. Minister of Natural Resources Vickram Bharrat has pointed to future production of 50m barrels annually.

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