[email protected]   📞 +1 (855) 661-4441(US)   📞 +44 1720 412 167(UK)   📞 +91 2269738890(APAC)

Guyana Emerging As The Fastest Growing Economy In 2023

By Anshula Mandaokar , 05 July, 2023

Guyana, a South American country newly, emerged as one of the new hotspots among offshore drilling locations worldwide in 2023. It is one in the race for the world's fastest-growing economy. Guyana is expected to become the wealthiest country in South America with increasing petroleum production and exports.

Guyana is feared to face political imbalance and corruption, similar to Venezuela, which has previously suffered from being an oil-rich country, with 330 billion barrels of oil reserves to its name. According to the new oil discoveries, Guyana is all set to become a significant South American oil producer and exporter with 1.2 million barrels of production by 2027 and become the world's 16th largest petroleum-producing country. The country's economic condition is multiplying with a record of 400,000 barrels of oil production in a day; the growth rate of Guyana's economy was recorded at 62.3 percent in 2022 and is expected to rise by 37.2 percent, with gross domestic product (GDP) in 2023. In 2020, amid the global economic contraction, Guyana emerged as the world's fastest-growing economy, with a GDP of 43.5 percent, followed by a growing economy of 62.3 percent in 2022. According to the Bank of Guyana, the country's natural resource fund has received USD 87 million in oil and petroleum profits for May 2023.The government of Guyana is much more cautious towards the proper usage of the economic windfall due to oil discovery to fund the country's infrastructural development in constructing and maintaining roads and bridges. Guyana's administration is more drawn towards the right utilization of profits from oil and petroleum in the well-being of the country's population to discard poverty. Europe was reported to be the primary recipient of oil; more than half of the cargo was shipped from South American countries in 2022. 

Exxon Targets 1.2 million Boed in Guyana by Guyana by 2027

Exxon-Targets.jpg

Latest News

Plant-Based-Alternatives-in-2025.jpg
Surge in Plant-Based Alternatives Innovative APAC Innovations and Consumer Interest Set to Hit Shelves in 2025

The Plant-Based Surge: New Meat Alternatives Hitting APAC Shelves Market 2025 is benefitting from an innovation cycle, a change in diet preferences, and sustainability needs. There is an emerging focus from start-ups, universities, and global food…

Read More

Amey.jpg
Recycled Polymers Surge in Global Packaging Demand in 2025

The global packaging industry is projected to have a sharp increase in the consumption of recycled polymers in relation to sustainability goals by 2025. This change is likely caused by regulations, business commitments to sustainability, and advances…

Read More

s-Role-in-Reducing-Food-Waste.jpg
Flexible Packaging Market 2025 Sees Strong Growth Driven by Food Waste Reduction Initiatives

The Flexible Packaging Market’s role in reducing food waste in 2025 is becoming increasingly pivotal as governments, food producers, and packaging companies align around sustainability targets. With global food waste exceeding 1.3 billion tons…

Read More

Startups-Scale-Bio-Based-Resin-Production-in-the-CnM-Market-2025.jpg
Green Chemistry Update Startups Scale Bio-Based Resin Production in the CnM Market 2025

In 2025, the CnM (Composites and Materials) Market is witnessing a pivotal shift as green chemistry startups accelerate the production of bio-based resins, driven by regulatory pressures and sustainability commitments across industries. The momentum…

Read More

precent.jpg
Solar Prices Fall by 12% in the first quarter of 2025 Effects on India's Renewable Energy Sector

In the first quarter of 2025, India experienced a remarkable decline of 12 percent in the cost of solar photovoltaic (PV) systems for the first time in history. This is a turning point for the country's renewable energy sector. The improvements in…

Read More

Author Pic
Anshula Mandaokar

Team Lead - Research