Guyana recording higher economic growth this year – ECLAC
2023 growth rates If Guyana’s growth is factored into the Caribbean’s overall growth rate, the region should see a 9.4%…
2023 growth rates
If Guyana’s growth is factored into the Caribbean’s overall growth rate, the region should see a 9.4% GDP increase this year.
Guyana, on its own, should see its massive economic expansion continue this year, largely due to developments in the country’s nascent oil and gas sector. The 39.2% growth rate forecast is the highest in the region.
Next year, ECLAC forecasts a 28.9% growth rate for Guyana.
In April, ECLAC estimated that Guyana’s 2023 growth rate would be about 37.2%.
Meanwhile, South America is forecast to register an increase of 1.5% (compared to 3.8% in 2022) while Central America and Mexico should record a 3.5% growth rate (compared to 4.1% in 2022).
These figures all have a direct bearing on people’s lives. For example, ECLAC noted that the slow regional growth should be accompanied by a slowdown in job creation.