Guyana’s real Gross Domestic Product (GDP) is forecasted to increase by 20.4% in 2021 from a 16.4% earlier projection last April, recording the highest level of economic growth in the Caribbean, according to the International Monetary Fund (IMF).
The IMF’s October report has increased its economic growth projections for the country despite the nationwide flooding that happened earlier this year.
Despite the calamity and its effects on different sectors, the local economy is still performing well because of the nation’s developing oil and gas sector.
Additionally, the IMF reports that Guyana’s economy is expected to grow by 48.7% in 2022.
Meanwhile, economic growth in the entire Caribbean and Latin American region is projected to be at 6.3% in 2021 and 3% in 2022.
The global economy, on the other hand, is projected to increase by 5.9% by year-end, a slight decline from the previous six per cent projection last July.