Based on a projected growth rate of 16.3% during the period 2018 to 2021, Guyana has been identified as having the fastest growing economy in the world, according to an analysis published on the Nasdaq Stock Market website.
The analysis notes that the ranking is based on the average growth rate for the four years (2018 estimates and projections for 2019, 2020 and 2021), which are sourced from the World Bank’s Global Economic Prospects June 2019 data.
The analysis says with a Gross Domestic Product size of US$3.63 billion (2018 Rank: 160), a growth rate of 4.1% in 2018 and 4.6% in 2019, Guyana’s economy is expected to grow by 33.5% and 22.9% in 2020 and 2021, respectively.
It notes that ExxonMobil Guyana has made 13 discoveries since 2015 and plans to begin producing up to 120,000 barrels of oil per day from the Liza Phase 1 development in early 2020.
“Guyana is projected to be among the world’s largest per-capita oil producers by 2025,” it adds.
According to the analysis, the world economy is expected to grow at 2.6% in 2019, the slowest in three years, before it is anticipated to expand again from 2020.
