Business
Guyana projected to have world’s fastest growing economy by 2021
The world’s 2nd largest stock market NASDAQ, has named Guyana as the fastest growing economy in the world.
In a report, NASDAQ said that with a projected growth rate of 16.3 percent during the 4-year period 2018-2021, Guyana is the fastest growing economy in the world.
NASDAQ says that with a gross domestic product size of US$3.63 billion (2018 Rank: 160), a growth rate of 4.1 percent in 2018 and 4.6 percent in 2019, Guyana’s economy is expected to grow by 33.5 percent and 22.9 percent in 2020 and 2021 respectively.
The report added that Guyana is a middle-income country that has an abundance of resources.
The report also pointed to the ExxonMobil discoveries in Guyana and the income that will come to the country when oil production begins next year.
Exxon is expected to start producing up to 120,000 barrels of oil per day from the Liza Phase 1 development next year and the country is projected to be among the world’s largest per-capita oil producers by 2025. -(CMC)