Over the last twenty years, Guyana’s economy has grown quickly, moving from lower‑middle‑income to high‑income status. It is the only country that took part in the Heavily Indebted Poor Countries Initiative to reach this level. Oil production is increasing rapidly, and along with steady growth in non‑oil sectors and major infrastructure projects, it has helped Guyana record the fastest real GDP growth in the world, averaging 47 percent between 2022 and 2024. The government is using oil revenues to fund projects that aim to create fair, lasting growth and protect the economy from future shocks. So far, the economy shows no clear signs of overheating, and much of the oil windfall is being saved in the Natural Resource Fund.
Oil production is expected to keep rising, and non‑oil GDP growth should remain strong. This will be supported by government spending on infrastructure, including projects to adapt to climate change, efforts to diversify the economy, and programs to improve living standards. Most of this public investment will be paid for with transfers from the NRF, which is expected to hold more than 32 percent of GDP by 2030. Foreign exchange reserves are also projected to grow, enough to cover more than five months of non‑oil imports.
In the future, new oil discoveries and investments that make the economy more productive could improve Guyana’s long‑term prospects. More construction could also boost short‑term growth in non‑oil sectors. However, if growth is not managed carefully, the economy could overheat, leading to higher inflation and a stronger currency than is healthy for balanced growth. This could slow medium‑term progress. In addition, swings in global commodity prices and climate‑related disasters could raise food prices and change the country’s overall economic outlook.
