Guyana to sustain global economic growth lead

Guyana’s economy could remain one of the fastest-growing in the world, especially since the government has maintained that the nation’s future expansion will be driven by oil revenues as well as a deliberate push to strengthen private sector participation.

In fact, Senior Minister in the Office of the President with responsibility for Finance, Dr Ashni Singh, said Guyana could see more years of strong economic activity, underpinned by increasing oil production and expanding opportunities across multiple sectors.

Dr Singh made the statement during his appearance on the National Communications Network’s (NCN) special programme ‘Growth in Motion’ on Friday last. He was accompanied by the Chief Executive Officer of IDB Invest, James Scriven.

The senior minister said the country is currently experiencing an unprecedented period of economic performance, with projections indicating that strong growth will continue well into the future.

While the oil and gas sector remains a major driver, Dr Singh emphasised that the country’s economic transformation is being shaped by a broader strategy aimed at diversification and resilience.

He noted that even before oil production began, previous PPP/C governments had already been working to build a diversified economic base, and that policy direction continues.  

“We’re experiencing astronomical rates of economic growth. We are navigating… in a manner that, with a policy framework that seeks to maximise the benefits of the Guyanese people, and specifically in relation to the creation of jobs, entrepreneurial opportunities… this is really a very special period in Guyana’s economic history.”

Dr Singh added that the current trajectory is not expected to slow, even as the economy expands. The next five years promise to be an equally extraordinary period of economic growth.

The approach, the minister explained, is critical to ensuring economic gains translate into tangible benefits for citizens, including jobs, income growth, and improved living standards.

According to him, the private sector is also critical in the next phase of development, noting that long-term growth must be driven by private investment, supported by a business-friendly environment.

The government also continues to focus on removing barriers to investment, improving the ease of doing business, and unlocking opportunities from large-scale enterprises to small and medium-sized businesses.

The shift towards private sector-led growth is already reflected in increased international investment, particularly through partnerships with institutions like IDB Invest.

Before the government took office in 2020, financial investment from IDB Invest was minimal. Since the PPP/C returned to the helm of the nation, the financial institution has done more than US $260 million in local transactions.

The CEO spoke of the significant shift in Guyana’s economic trajectory in recent years, citing that the institution now sees Guyana as a priority destination for investment.

“[The] turning point happened four or five years ago, where suddenly we realised the role of development could happen,” CEO Scriven stated.

“The minister talked about US $260 million. I promised the minister and I told the president, that we should be doing that on an annual basis…Not thinking about the accumulation of four or five years. This is an economy that’s growing very fast, as everybody knows,” Scriven added.