Guyana: 2023 Article IV Consultation-Press Release; and Staff Report

December 4, 2023

Preview Citation

Format: Chicago

Guyana: 2023 Article IV Consultation-Press Release; and Staff Report, (USA: International Monetary Fund, 2023) accessed December 21, 2024

Summary

The Guyanese economy has tripled in size since the start of oil extraction (end- 2019), from one of the lowest GDP per capita in Latin America and the Caribbean in the early nineties. Oil production is ramping up rapidly, supporting the highest real GDP growth in the world in 2022 (62.3 percent). With the help of oil revenues, first transferred to the budget in 2022, the government has started investing heavily to address large development needs. Fundamentals remain strong and there are no signs of inflationary pressures or overheating as of yet—annual CPI inflation rate was 1.2 percent in July 2023— since there remains slack in the economy.

Subject: Commodities, Economic sectors, External debt, Fiscal policy, International organization, Monetary policy, Oil, Public debt, Public sector

Keywords: Caribbean, Construction boom, Development needs, Global, Guyanese economy, IMF FSAP, Monetary policy stance, Ocean economy, Oil, Public sector

Publication Details

Pages:

107
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2023/379
Stock No:

1GUYEA2023001
ISBN:

9798400260384
ISSN:

1934-7685

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