The World Bank’s Global Economic Prospects Report, published in January 2024, has projected that Guyana’s economy is set to grow 38.2% in 2024. This figure not only surpasses the International Monetary Fund’s (IMF) December projection of 26.6% but also significantly impacts the overall growth prospects for the Caribbean region.

The report illustrates a stark contrast between the regional growth projection that includes Guyana, and the one that does not. Excluding Guyana which “remains in a resource-based boom since the discovery of oil”, the Caribbean region is expected to see a growth of 4.1% in 2024. However, with Guyana’s performance included, the region’s growth forecast nearly doubles to 7.6%.

Guyana’s economic surge is largely attributed to its oil sector. The commencement of the Payara project in November 2023, which is anticipated to hit 220,000 barrels per day in early 2024, is mostly responsible. This project will boost Guyana’s total oil production capacity to around 620,000 barrels per day in the first quarter of this year.