IMF projects 33.9% growth for Guyana this year

The International Monetary Fund (IMF) in its new World Economic Outlook report for April 2024 projects that Guyana will record a 33.9% growth in real GDP this year.

Real Gross Domestic Product (GDP) is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy (in this case, Guyana’s economy) in a given year.

In simpler terms, the real GDP measures a country’s total economic output, adjusted for price changes.

It was previously projected that Guyana’s economic growth would be about 26.6% this year. The upward revision to 33.9% is the highest expected growth rate in the Latin America and Caribbean region. The Dominican Republic has the second highest growth rate, 5.4%.

Next year, the IMF projects that Guyana’s economic growth will be 18.7%; by 2029, the figure will be 11.9%.

In Guyana’s case, massive oil finds offshore are contributing to the high economic growth rates expected. And the report also acknowledged that there was strong output growth in the oil sector from Guyana, the United States and Brazil.