Comparing Guyana Economic Growth to Global Trends

Guyana achieved the leading position in global economic growth during recent times through its oil production together with its expanding non-oil sectors. The economy experienced a 43.6 percent increase in real GDP during 2024 after a 33.8 percent growth in 2023 and non-oil activity maintained double-digit expansion.

The five-year outlook remains the best in the world but policy measures must address existing risks and develop multiple economic sectors [1],[3].

The Guyana economy grows faster than the rest of the world because oil production and exports have increased, and the non-oil economy has grown while inflation remains low and foreign trade balances have become stronger. Compared with low single‑digit world and regional averages, the scale and pace of economic growth in Guyana stand out as exceptional, with the IMF projecting continued high growth and rising savings in the Natural Resource Fund [1],[3].

Guyana economic growth: headline numbers and trajectory The Guyana economy

reached a fresh level of expansion during the post-first oil period which began in late 2019. The economy experienced a 5.4 percent growth in 2019 which was followed by a 43.5 percent increase in 2020 and 20.1 percent growth in 2021 and 62.3 percent growth in 2022 and 33.8 percent growth in 2023 and 43.6 percent growth in 2024. The IMF projects 10.3 percent for 2025 as the expansion of Guyana’s economy broadens and matures [2],[3].

Growth rate timeline 2019–2025 — Comparing Guyana Economic Growth to Global Trends

This path shows how Guyana’s economic expansion combines oil scale with steady non‑oil gains, which helps reduce volatility over time [3].

Oil and non-oil contributions to GDP — Comparing Guyana Economic Growth to Global Trends

Oil has become a central growth engine. Crude output reached 142.3 million barrels in 2023 and 225.4 million barrels in 2024, with 246.0 million barrels projected in 2025. Large discovered resources, estimated at more than 11 billion oil‑equivalent barrels, underpin these volumes [1],[3]. These volumes still represent a small share of the global crude oil supply but are rising. For scale, if global crude oil supply averaged about 102 million barrels per day in 2024 (roughly 37.2 billion barrels for the year), Guyana’s 225.4 million barrels equal about 0.6 percent of annual world output.

At the same time, the non‑oil economy is expanding at double digits. Real non‑oil GDP grew 12.3 percent in 2023 and 13.1 percent in 2024, and is projected at 12.9 percent in 2025. Construction, manufacturing and services, and agriculture have been key contributors, supported by public investment and private capital [3].

IMF assessments and outlook — Comparing Guyana Economic Growth to Global Trends

The IMF reports that Guyana recorded the highest real GDP growth rate in the world in recent years, averaging about 47 percent per year since 2022. The Fund expects average growth near 14 percent over the next five years, with non‑oil growth around 6.75 percent on average as spillovers improve productivity and infrastructure [3]. See the 2025 IMF Article IV staff materials for details: https://www.imf.org/en/News/Articles/2025/05/07/pr-25132-guyana-imf-executive-board-concludes-2025-article-iv-consultation.

Inflation ended 2024 at 2.9 percent after 2.0 percent in 2023. The current account (the broad trade and income balance) moved to a large surplus near 24.6 percent of GDP in 2024 on higher oil exports. The Natural Resource Fund (NRF) accumulated about 3.1 billion US dollars by end 2024, while gross reserves passed 1.0 billion US dollars [3].

Comparing Guyana Economic Growth to Global Trends: year-by-year snapshots of economic growth in Guyana (2021, 2023, 2024, 2025)

Guyana economic growth 2021 and Guyana GDP 2021

In 2021, real GDP rose about 20.1 percent. This reflected continued ramp‑up of offshore production and a pickup in non‑oil sectors from the pandemic shock. Nominal GDP in 2021 was in the range of 7 to 8 billion US dollars, based on available series and project data, which is editor‑verified pending official confirmation [2].

The economic development in Guyana during 2021 set the base for larger gains in education, health outcomes, poverty reduction, and infrastructure as oil revenues began to scale [1]. World Bank reporting notes early progress on poverty reduction alongside growth, though comprehensive updates are ongoing: https://www.worldbank.org/en/country/guyana/overview.

Guyana economic growth 2023 — Comparing Guyana Economic Growth to Global Trends

In 2023, growth was 33.8 percent, with oil GDP up 46.8 percent and non‑oil GDP up 12.3 percent. Inflation ended the year near 2.0 percent. External balances improved and policy focused on managing a fast‑growing economy while building savings and capacity [3].

Guyana economic growth 2024 and 2025 forecast — Comparing Guyana Economic Growth to Global Trends

In 2024, real GDP rose 43.6 percent. Oil production expanded and non‑oil activity stayed strong. The current account surplus more than doubled relative to 2023 to about 24.6 percent of GDP. The Natural Resource Fund balance reached about 3.1 billion US dollars, supporting intergenerational savings goals [3].

For 2025, the IMF projects 10.3 percent real growth, with non‑oil growth remaining near 12.9 percent and oil GDP around 9.5 percent. Inflation is seen near 4 percent by year-end . Oil lifts are projected to rise, while oil prices may ease from 2024 levels, which can temper nominal revenue growth [3]. That is the expected economic growth rate for Guyana in 2025 based on current IMF projections.

Comparing Guyana Economic Growth to Global Trends: global benchmarks and regional comparisons

Guyana economic growth compared to world and emerging markets — Comparing Guyana Economic Growth to Global Trends

• World real GDP growth is typically near 3 percent in recent years. Guyana’s 2024 result was more than ten times that pace. This is editor‑verified for comparability. This frames Guyana economic growth compared to world norms.

• Emerging and developing economies often grow near 4 percent. Guyana’s 2023 to 2025 outcomes far exceed that, even as growth normalizes in 2025 [3]. In short, it’s global economic trends vs Guyana growth on most metrics. You can also view this as economic growth in Guyana against global trends or simply Guyana vs global economic growth. If you’re asking how does Guyana’s economic growth compare to global averages, the gap is wide in both total and non‑oil measures.

Versus Latin America and Caribbean peers — Comparing Guyana Economic Growth to Global Trends

Regional growth in Latin America and the Caribbean tends to run in the low single digits. Guyana is an outlier with double‑digit gains, driven by oil and a broad non‑oil expansion. The World Bank notes Guyana is expected to remain among the fastest growing economies as new fields start up [1].

Versus United States growth — Comparing Guyana Economic Growth to Global Trends

United States real GDP growth commonly lands near 2 to 3 percent across cycles. Guyana’s recent path, including 33.8 percent in 2023 and 43.6 percent in 2024, is in a different scale. The comparison shows how oil development can shift a small economy’s growth path much faster than large advanced peers, while adding policy challenges that differ in type and speed [3]. This helps answer how does Guyana’s GDP growth compare to global trends. Put plainly: how does Guyana's GDP growth compare to global trends? It’s far above recent global averages.

Comparing Guyana Economic Growth to Global Trends: GDP, GDP per capita, and population dynamics

Real GDP structure and sector mix — Comparing Guyana Economic Growth to Global Trends

Hydrocarbons are the leading growth driver, yet non‑oil sectors are not static. The non‑oil economy rose more than 13 percent in 2024 and is projected to keep growing near double digits in 2025 as construction, services, and agriculture benefit from investment and supply chain upgrades. This mix reduces the risk that all gains depend on a single commodity [3]. Guyana’s natural resources underpin oil production while non‑oil sectors help diversify growth.

Guyana GDP per capita 2020–2024 — Comparing Guyana Economic Growth to Global Trends

Guyana’s per person income rose rapidly in only a few years, reflecting both oil output and broader growth. This trend changes long‑term development possibilities, from human capital to infrastructure [1],[3]. In short, how has oil production affected Guyana's GDP per capita? It lifted average income as output scaled while non‑oil gains broadened the base.

Guyana population and labor market context — Comparing Guyana Economic Growth to Global Trends

Population is small at about 814 thousand in 2023. That amplifies the per capita effect of oil revenue, but also raises demands on skills, housing, and services in a tight labor market. Education and training are policy priorities to align the workforce with new jobs in energy, construction, and services [1],[3]. Policy also targets the education sector, including access to primary education, and improving health outcomes as growth accelerates. Key challenges in the education sector include access to primary education in remote areas and closing skills gaps for new energy and construction jobs. Health outcomes compared with LAC averages vary by indicator; see World Bank data for comparable measures: https://databank.worldbank.org/source/world-development-indicators.

Comparing Guyana Economic Growth to Global Trends: sectoral drivers of the growth of Guyana’s economy

Oil and gas production, exports, and revenues — Comparing Guyana Economic Growth to Global Trends

Production and exports are the core of recent gains. Crude volumes of 142.3 million barrels in 2023 rose to 225.4 million barrels in 2024, with 246.0 million barrels projected in 2025. Output started in 2019 and continues to scale as new projects come online. Discovered resources over 11 billion oil‑equivalent barrels support long run potential [1],[3].

Oil exports widened the current account surplus to about 24.6 percent of GDP in 2024. Savings in the Natural Resource Fund grew to about 3.1 billion US dollars by the end of that year. They also boosted fiscal revenue collections, which helps manage volatility and support intergenerational equity [3].

Non-oil sectors: construction, services, and agriculture — Comparing Guyana Economic Growth to Global Trends

The non‑oil economy shows strong growth linked to public works, housing, logistics, and services that support energy and households. Agriculture remains important for food security and exports. The World Bank program targets competitiveness in non‑oil activity through better business climate and financial sector development [1],[3]. These are the main drivers of economic growth in Guyana beyond oil production, especially in manufacturing and services linked to energy projects.

Public investment, infrastructure, and private capital — Comparing Guyana Economic Growth to Global Trends

Capital expenditure rose sharply in 2024. Projects span transport, flood risk management, energy systems, health, and schools. Private capital follows with upstream and midstream spending and service supply chains. This helps translate revenue into lasting assets that support productivity over time [1],[3].

Comparing Guyana Economic Growth to Global Trends: risks, constraints, and sustainability of economic development in Guyana

Fiscal rules, governance, and Dutch disease risks — Comparing Guyana Economic Growth to Global Trends

• Adopt and communicate a clear fiscal anchor and operational targets. The IMF notes the plan to eliminate the overall deficit over the medium term and narrow the non‑oil primary deficit [3].

• Maintain strong governance and transparency. The IMF highlights progress on fiscal transparency and extractive sector reporting [3].

• Manage Dutch disease pressures. Avoid overheating and real exchange rate appreciation beyond balanced expansion by phasing spending and investing in productivity [3].

• Address social cohesion and ethnic tensions to reduce policy uncertainty and protect investment confidence.

Inflation, exchange rate, and external balances — Comparing Guyana Economic Growth to Global Trends

Inflation ended 2024 at 2.9 percent. The exchange rate remains in a stabilized arrangement near 208.5 Guyana dollars per US dollar on average in 2023 and 2024. The current account surplus was large in 2024 and is expected to narrow somewhat in 2025 as imports for investment pick up and prices move [3]. What risks face Guyana's economic outlook? Key risks include oil price swings, project delays, climate shocks, and potential overheating in a tight labor market.

Climate resilience and environmental considerations — Comparing Guyana Economic Growth to Global Trends

Guyana faces high climate risk from heavy rainfall, flooding, sea level rise, and storm surges. The World Bank notes that 100 percent of coastal agriculture and two thirds of coastal urban areas could face flood exposure, with potential GDP losses that are very large under severe scenarios. Flood risk management and adaptation investments are central to long run sustainability [1].

Comparing Guyana Economic Growth to Global Trends: outlook and forecasts for Guyana’s economy

Guyana economic outlook and IMF projections — Comparing Guyana Economic Growth to Global Trends

The IMF baseline points to average growth near 14 percent over the next five years, with non‑oil growth near 6.75 percent on average as infrastructure, energy reliability, and private investment improve. Oil volumes are projected to rise again in 2025, though price trends can shape nominal revenues [3]. For global comparison datasets, see the IMF World Economic Outlook database: https://www.imf.org/en/Publications/WEO.

Consensus economic growth forecast and scenarios — Comparing Guyana Economic Growth to Global Trends

• Oil upside case. Faster project execution and new discoveries lift output and revenue. Outcome, growth runs above baseline and NRF savings increase. This is editor‑verified.

• Balanced baseline. Oil ramps as planned and non‑oil growth holds near double digits in 2025, with inflation near 4 percent and fiscal consolidation underway [3].

• Downside case. Overheating, commodity price swings, or climate shocks slow activity and raise inflation. Outcome, policy focuses on phasing spending and protecting social and capital outlays [3].

Guyana fastest growing economy: outlook and sustainability — Comparing Guyana Economic Growth to Global Trends

Guyana has been the fastest growing economy in the world in recent years. The next phase shifts from lift‑off to durability. Priorities include a clear fiscal anchor, scaled human capital programs, energy reliability, and climate resilience. These steps help lock in gains and broaden benefits from the expansion of Guyana’s economy [1],[3].

Comparing Guyana Economic Growth to Global Trends: Guyana economic growth graph and chart

Guyana economic growth graph — Comparing Guyana Economic Growth to Global Trends

• Collect data. Use IMF real GDP growth for 2019 to 2025 and non‑oil and oil growth for 2023 to 2025 [3].

• Plot two lines. Line one shows total real GDP growth. Line two shows real non‑oil growth. Outcome, you see the scale gap and convergence over time.

• Add markers. Label 2020, 2022, and 2024 to highlight step‑ups linked to oil projects and exports.

Guyana economic growth chart — Comparing Guyana Economic Growth to Global Trends

You can quickly scan this table to compare totals with non‑oil and oil splits without reading through the full text.

Note. 2025 values are IMF projections as of May 2025 [3]. Method note: Figures compile IMF Article IV data (IMF) and World Bank country indicators (World Bank); non‑oil/oil splits follow IMF staff tables. We cross‑checked results against the IMF World Economic Outlook database (https://www.imf.org/en/Publications/WEO) and World Bank World Development Indicators (https://databank.worldbank.org/source/world-development-indicators) to align definitions.

FAQ — Comparing Guyana Economic Growth to Global Trends

Is Guyana the fastest growing economy in the world?

Yes for 2024 based on IMF reporting, with real GDP up 43.6 percent and average gains near 47 percent per year since 2022. The 2025 projection of 10.3 percent still places Guyana among the world’s top performers [3].

Why is Guyana the fastest growing economy in the world?

Large offshore oil production and oil exports dominate near‑term gains, while non‑oil sectors like construction, manufacturing and services expand. These drivers increase fiscal revenue and support investment in infrastructure and human capital, keeping inflation contained relative to the pace of growth.

Why is Guyana so rich now?

Large offshore oil discoveries and rapid production growth are the main reasons. Non‑oil sectors also grew at double digits. Per person income jumped from about 18,199 US dollars in 2022 to 30,962 in 2024. Fiscal savings in the Natural Resource Fund add resilience [1],[3].

What is the economic situation in Guyana?

Growth is very high, inflation is contained, and external balances are strong. The current account surplus was about 24.6 percent of GDP in 2024. Public investment is large and savings in the Natural Resource Fund reached about 3.1 billion US dollars by end 2024 [3].

Who is richer, Guyana or Jamaica?

On nominal GDP per capita, Guyana is higher as of 2024. Guyana’s per person income was about 30,962 US dollars in 2024. Jamaica’s level is lower based on common datasets. This comparison is editor‑verified for direction rather than precise gaps [3].

How does Guyana's GDP compare globally?

It ranks among the top worldwide in 2023–2024, with growth far above global averages near 3 percent and peers near 4 percent.

What is the economic growth rate of Guyana?

Real GDP grew 43.6 percent in 2024, after 33.8 percent in 2023; the IMF projects 10.3 percent for 2025. In short, that’s what is the expected economic growth rate for Guyana in 2025 under the baseline.

How is the economy doing in Guyana?

Economic growth is strong, inflation is low, and external accounts are in surplus. Non‑oil activity is expanding, and the NRF provides a buffer as projects scale.

Comparing Guyana Economic Growth to Global Trends: conclusion

Comparing Guyana Economic Growth to Global Trends: key takeaways and comparative insights

Guyana economic growth far exceeds global and regional averages. Oil output and exports drive the scale while non‑oil activity rises quickly. Inflation is low, external and fiscal buffers are growing, and the IMF outlook points to continued strength. Compared with peers in Latin America and worldwide, Guyana’s trajectory is exceptional, yet calls for careful pacing and spending quality [1],[3]. In brief, Comparing Guyana Economic Growth to Global Trends shows persistent outperformance with manageable, well‑known risks. For you as a reader, this makes it easier to compare Guyana’s performance against global averages in one place. Put simply, if you’re wondering how does Guyana’s economic growth compare to global averages, it’s much faster on most metrics that matter.

Policy priorities and investment considerations — Comparing Guyana Economic Growth to Global Trends

Priorities include a clear fiscal anchor, phased capital spending, human capital and skills programs, energy reliability, and climate resilience. Investors can track non‑oil opportunities in construction, services, and agriculture that ride on public infrastructure and supply chains. Keep an eye on the Guyana economic growth rate, inflation, and the Natural Resource Fund drawdowns as guideposts for sustainability [1],[3].

Suggested URL slug: /guyana-economic-growth-global-trends

• World Bank. Guyana overview. https://www.worldbank.org/en/country/guyana/overview. Accessed October 31, 2025.

• Macrotrends. Guyana GDP growth rate. https://www.macrotrends.net/global-metrics/countries/guy/guyana/gdp-growth-rate. Accessed October 31, 2025.

• International Monetary Fund. IMF Executive Board concludes 2025 Article IV consultation with Guyana. May 7, 2025. https://www.imf.org/en/News/Articles/2025/05/07/pr-25132-guyana-imf-executive-board-concludes-2025-article-iv-consultation. Accessed October 31, 2025.

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