Security & Strategic Review - March 2022

GUYANA & SURINAME: Challenges ahead for Guyana and Suriname

There is no doubt that Guyana is the current success story of the Caribbean. On the back of recent and continuing offshore oil discoveries, the economy grew by 19.9% in 2021 and is looking at an astonishing 47.5% growth in 2022. Since 2015, oil companies have discovered over 10bn barrels of recoverable oil and gas offshore Guyana. But, as highlighted in early February by Caribbean Development Bank (CDB) president Hyginus Leon, there are some tough decisions ahead for Guyana if it is to overcome the challenges of rising sea levels. Suriname faces the same challenge from rising sea levels, but it has more immediate problems as well: with governance and the fact that the economy has yet to benefit from the recent oil discoveries.

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