World Bank projects 38.2% growth rate for Guyana this year

Guyana continues to lead economic growth within the Caribbean based on World Bank projections that indicate Guyana should experience a 38.2% expansion in Gross Domestic Product (GDP) this year.

The World Bank, in its Global Economic Prospects report, indicated that Caribbean economies overall should experience a 7.6% growth rate this year. Next year, the figure should be 5.4%.

Guyana’s significant, double-digit economic growth contributes to that figure. Without factoring in Guyana’s economic growth, the figure would be lower.

“Excluding Guyana, which remains in a resource-based boom since the discovery of oil in 2015, the region’s growth is expected to accelerate to 4.1 percent in 2024 and 3.9 percent in 2025,” the report noted.

Next year, Guyana should continue to rise at a rate of 15.2%.

The Bank noted that there are uneven growth prospects across the region. The tourism-dependant countries are still undergoing some recovery but the tourism sector, the Bank said, is still helping to drive growth.

Meanwhile, the global economy is on course to record its worst half decade of growth in 30 years.

According to the World Bank, global growth is expected to dip from 2.6% last year to 2.4% this year. However, there should be some global economic recovery next year and growth rises marginally to 2.7%.