Guyana leads Caribbean, Latin America in economic surge

Guyana’s remarkable transformation has once again positioned the oil-booming nation as a leader of economic progress in the Caribbean and Latin America.

As outlined in the recently published World Bank Report, the Caribbean economies will accelerate to 7.1 per cent in 2024 and remain robust at 5.7 per cent in 2025.

Central to this optimistic outlook is Guyana, whose economy continues to benefit from a resource-based revolution following the discovery of oil in 2015.

With the profound leadership of President Dr Mohamed Irfaan Ali and the proper management of the nation’s resources, the report projects a 33.4 per cent growth in the country’s Gross Domestic Product (GDP) by the end of 2024.

This means that Guyana will continue to set the pace for the entire region.

Several key projects and policies have already been implemented in various sectors to drive local economic success.

Many agricultural diversification projects are advancing to expand non-traditional crops and improve food security. These projects support sustainable agriculture practices, enhance rural livelihoods, and reduce import dependency.

Massive investments are being made in modern processing facilities to add value to agricultural products, promote exports, and create job opportunities in rural areas.

Housing development is another crucial contributor to the country’s GDP. The government continues to focus on several initiatives to address housing needs and support economic growth.

To date, the government has allocated some 34,000 house lots to Guyanese from various income brackets.

In the infrastructural realm, the new and modern Demerara River Bridge project will replace the existing aging structure, improving connectivity and transportation efficiency.

As part of this undertaking, trade and mobility are expected to be enhanced, contributing to economic growth.

The Linden to Mabura Hill road upgrade is another critical project which will facilitate better access to interior regions, boosting economic activities, especially in mining and agriculture.

The gas-to-energy project is in the pipeline that seeks to harness natural gas produced alongside oil and intends to supply affordable and reliable energy to Guyanese.

The government aims to convert gas to electricity, thus reducing energy costs, supporting industrial development, and decreasing the country’s carbon footprint.

The PPP/C Administration has invested in solar farms and distributed solar power systems to provide clean energy to remote areas, fostering inclusive development.

Meanwhile, significant funds are also being injected into the country’s eco-tourism industry.

Capitalising on Guyana’s rich biodiversity and natural beauty, the government is promoting eco-tourism through investments in sustainable tourism infrastructure and marketing initiatives.

Already, the sector is attracting international tourists, generating revenue, and creating jobs, with hundreds more on the way.

The Dr Ali-led Administration is serious about driving the local economic growth and development.

And so, investing in physical and human capital, human resources, and technological and entrepreneurship innovation, among other things, are high on the government’s agenda to retain a good GDP and remain at the helm.