Guyana’s economy to grow by 39.2 per cent in 2023-ECLAC Report

The United Nations (UN) Economic Commission for Latin America and the Caribbean (ECLAC) has updated its economic predictions for the year 2023 to reflect further Gross Domestic Product (GDP) growth for Guyana.

In its recent report, ‘Preliminary Overview of the Economies of Latin America and the Caribbean’, the commission predicted continued low growth for Latin America and the Caribbean, with the exception of Guyana, which has an estimated growth rate of 39.2 per cent.

This double-digit growth is said to be driven by the start-up of offshore oil production.

According to the report, Latin America and the Caribbean remains on a low-growth path, with an estimated real GDP growth of 2.2% in 2023.

For context, real GDP is a measure of all the goods and services produced in a nation.

“All the subregions will post lower growth in 2023 than in 2022: South America is set to grow by 1.5% (3.8% in 2022); the group comprising Central America and Mexico by 3.5% (4.1% in 2022); and the Caribbean (excluding Guyana) by 3.4% (6.4% in 2022). These projections are made at a time when countries of the region have limited fiscal and monetary policy space and little impetus from international conditions,” it explains.

In April, ECLAC predicted a 37.2 per cent growth rate for Guyana in 2023.

Building on this momentum, Guyana is also expected to experience a GDP growth of 28.9 per cent in 2024, outperforming other Latin American and Caribbean countries.  

This report accompanies many others predicting and commending Guyana’s continued economic growth, led by increased investments and prudent financial management practices.

The International Monetary Fund’s recent statement following its 2023 Article IV Mission, predicted rapid growth for Guyana’s economy, by an estimated 38 per cent in 2023, driven by the government’s robust modernisation plans and the expansion of the oil sector.