Guyana continues to show growth ‘without precedent worldwide,’ says Finance Minister

The International Monetary Fund (IMF) has reaffirmed that Guyana remains the fastest-growing economy in the Western Hemisphere, a distinction that Finance Minister Dr. Ashni Singh says reflects the strength and transformation of every sector of the economy.

Speaking at the launch of the World Trade Centre Georgetown on Tuesday, Dr. Singh described Guyana’s economic expansion as “unprecedented,” noting that the IMF’s latest Regional Economic Outlook projects the country will continue on a steep growth trajectory for years to come.

According to the IMF, Guyana’s economy has averaged nearly 40% growth annually since 2021 and is expected to maintain around 25% annual growth through 2030 – rates that Dr. Singh called “extraordinary” and “without precedent worldwide.”

“The International Monetary Fund continues to project Guyana as having among the highest rates of economic growth around the world – and the highest in the Western Hemisphere in the immediate years ahead,” Dr. Singh emphasised.

He said the IMF’s confirmation not only underscores Guyana’s exceptional performance but also validates the strong fundamentals of the country’s economy.

While the oil and gas sector remains a major driver of growth, Dr. Singh stressed that the benefits are spilling over into other key industries, including tourism, logistics, and services. The government’s policy focus, he said, is to build a diversified and globally competitive non-oil economy that ensures long-term sustainability.

Looking ahead, Dr. Singh highlighted Guyana’s strategic potential as a regional food hub, linking the Caribbean with northern Brazil and the wider South American continent.

“We see Guyana not only as a producer of agricultural goods for trade with the Caribbean and the rest of the world, but also as a vital bridge through which northern Brazil and South America can connect and trade with the Caribbean,” he explained.

Dr. Singh’s remarks come as Guyana continues to attract international attention for its rapid transformation – a pace of development the IMF itself describes as virtually unmatched anywhere in the world.