Finance Minister Dr. Ashni Singh highlighted Guyana’s impressive economic growth and fiscal prudence under the People’s Progressive Party/Civic Government, making it an attractive investment destination. Over the past five years, Guyana has experienced significant economic expansion, driven by the oil-and-gas sector, leading to its recognition as one of the fastest-growing economies globally.

At the Guyana Energy Conference and Supply Chain Expo, Dr. Singh noted that the country’s real GDP grew by 43.6% in 2024, with an average annual growth rate of 39-40%. By the end of 2024, Guyana’s nominal GDP had increased from US$5.2 billion in 2019 to nearly US$25 billion, with per capita GDP rising from US$6,500 to over US$30,500.

Oil production has been a key factor, with current output at 650,000 barrels per day (bpd) and projections to reach 1.3 million bpd by 2030. However, the government is also fostering a robust non-oil economy, with non-oil growth averaging 10.3% between 2021 and 2024, driven by investments in agriculture, construction, forestry, and services.

Dr. Singh emphasized the government’s commitment to managing recurrent expenditure and directing resources towards infrastructure, education, and healthcare. Capital investments have increased significantly, with 54.4% of government expenditure in 2024 dedicated to long-term projects.

Guyana maintains a low debt-to-GDP ratio of 24.3%, with a stable external debt and a substantial savings cushion in the Natural Resource Fund (NRF). The 2025 budget focuses on infrastructural development, energy projects, and enhancing food security, education, and healthcare.

Additionally, Guyana is a leader in environmental stewardship, with extensive forest cover and successful monetization of forest conservation efforts under the Low-Carbon Development Strategy (LCDS) 2030. Revenues from carbon credit sales are being reinvested in climate adaptation and green development initiatives.

Dr. Singh concluded by highlighting Guyana’s unique and exciting economic and environmental stories, encouraging investors to recognize the country’s potential beyond the oil-and-gas sector.

Source: (Guyana Chronicles)

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