Guyana is the South American country that is currently experiencing the highest economic growth. Since the discovery of large oil deposits nine years ago, Guyana has been ‘hit’ by an economic boom of unprecedented proportions.
Judging by the statements of the American concern Exxon, the amount of oil that could be exploited from the so far known areas where black gold reserves have been discovered is estimated at about eleven billion barrels. And all of this has an impact on the local economy, writes Deutsche Welle.
The statistical portal Statista, which relies on figures from the International Monetary Fund (IMF) and the World Bank, announced that the gross domestic product (GDP) from 4.62 billion euros in 2019 could quadruple by 2029, to 29.3 billions of euros.
The country, which borders Venezuela, Brazil and Suriname, thus belongs to the ranks of countries with the strongest economic dynamics in the whole world.
”It’s like the country won the lottery – Diletta Doretti, representative of the World Bank for Guyana and Suriname, ” said in an interview.
The consequences of the boom are visible everywhere. In the capital, Georgetown, construction is going on everywhere, numerous infrastructure projects are being implemented. But there is a lack of (professional) manpower. And in all aspects.
That is why Guyana plans to motivate expatriate compatriots to return to the country. Until the discovery of oil reserves in 2015, Guyana was experiencing a wave of emigration, especially of young people who saw no prospects in their homeland and sought happiness abroad.
Already four years after the discovery of the first large oil field, about 50,000 migrants have returned to Guyana, reports the Newsroom portal, citing the Ministry of Finance.
The dark side
But Guyana’s success story also has its dark side. Neighboring Venezuela, where the socialist dictator Nicolas Maduro is in power, reacted to the discovery of oil reserves in Guyana by proclaiming its demands towards that country.
The fact is that there are already many Venezuelans in Guyana. These are people who fled their homeland to Guyana – from repression and crisis, Biznis Info writes.
E.Dz.
