Guyana, fastest growing economy in the world – NASDAQ
DPI, Guyana, Friday, June 28, 2019
According to the American Stock Exchange – NASDAQ, Guyana is the fastest growing economy in the world.
NASDAQ is the second-largest stock exchange in the world by market capitalisation, behind only the New York Stock Exchange.
The report, which was published on June 27, 2019, states that while the world economy is expected to grow at 2.6% in 2019, Guyana is one of 82 countries which will grow faster than the world economy. NASDAQ highlighted that Guyana has been determined as the fastest growing economy in the world as a result of its projected growth rate of 16. 4% during the four-year period 2018-2021.
“With a GDP size of $3.63Billion (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,” the report stated.
With a per-capita income of $5,194, Guyana is a middle-income country with dense forest and is home to fertile agricultural lands and abundant natural resources. Gold, bauxite, sugar, rice, timber and shrimp are among its leading exports.
The NASDAQ also noted that with Guyana’s newfound oil wealth, the South American nation is projected to be among the world’s largest per-capita oil producers by 2025.
NASDAQ’s report follows an International Monetary Fund (IMF) report, which projected a 4.4% growth in Guyana’s economy in 2019. The report also indicated that this trend would stay the course once driven by continued strength in the construction and services sectors, ahead of oil production in 2020. It also revealed that inflation remained steady at 1.6% at the end of 2018, on the back of stable food prices and exchange rates.
Finance Minister, Winston Jordan, speaking to the Department of Public Information (DPI), noted that the recent IMF report validated the Coalition’s government’s economic policies.
“The IMF came, and they did a thorough review… and confirmed that the economy is doing well. The economy is well-managed, and we are expecting a bigger growth this year, and of course, in 2020, we expect an explosion in growth.”
Minister Jordan added that the positive economic performance has been seen across all sectors.
“That is what we intend to happen. The growth must not be pulled from one sector of the economy. It gives an indication that a broader set of people is benefitting from the growth, rather than it just be from mining or one aspect of mining or one aspect of agriculture and so on. You could see it and feel it in the country.”
Images: Department of Public Information