Guyana

Guyana Economic Profile

Guyana is a small country located in the northeastern part of South America that finally joined the ranks of high-income countries in 2023. With a population of approximately 800,000, the country's economy has undergone dramatic changes in recent years, with the oil industry serving as the primary engine of economic growth.

As an economic overview, Guyana's traditional major industries were agricultural and mining products such as sugar, rice, and bauxite. However, the discovery of a major oil field by ExxonMobil in 2015 became a game changer, and the oil industry now leads the national economy. Since commercial production began in 2020, oil output has increased rapidly, reaching approximately 380,000 barrels per day as of 2023. This has caused per capita GDP to rise rapidly, and the country achieved high-income status within just a few years.

As recent economic trends, economic growth rates have maintained high levels exceeding 10% due to oil-related investments. However, the dangers of excessive resource dependence have also been noted, with vulnerability to oil price fluctuations being a challenge. The government is accumulating oil revenues in a sovereign wealth fund and promoting asset formation for future generations.

A notable point is that while Guyana is experiencing rapid economic growth, it faces challenges in social infrastructure development and human capital development. Furthermore, additional oil field development is projected to increase output further in the 2030s, and further expansion of the economic scale is anticipated. At the same time, economic transition away from resource dependence and responses to regional conflicts are also becoming important issues.