Guardian ( Trinidad and Tobago )
12 September 2023 ( Page 16 )
IMF: Guyana to grow at 38% in 2023
The International Monetary Fund (IMF) yesterday said Guyana’s economy
continues to grow very rapidly, supported by the government’s
modernisation plans, including the unparalleled oil sector expansion.
An IMF delegation, led by senior economist, Alina Carare, ended a twoweek visit here holding discussions with various stakeholders, including
Vice-President Bharrat Jagdeo, Finance Minister Dr Ashni Singh, as well as
the Central Bank Governor Gobind Ganga, and representatives from the
private sector and labour unions.
The IMF said that following record real gross domestic product (GDP)
growth in 2022 of 62.3 per cent, the highest in the world, “real GDP is
expected to continue to grow extremely fast in 2023 at 38 per cent”.
It said oil production is ramping up with the coming on stream of a third
oil field, and growth in the non-oil sector is supported by the
implementation of a fast-paced public investment program focused on
providing transportation, housing, and flood management infrastructure,
and raising human capital.
Spillovers from oil and construction are supporting growth in the services
and supplies sectors, while agriculture, mining and quarrying are also
performing well.
The IMF said that after a strong 2022, in the first half of 2023 real non-oil
GDP grew by 12.3 per cent.
It said inflation reached 7.2 per cent at end-2022, in line with other
countries in the region, and declined to 1.2 per cent on a year on year basis
in July 2023, with the decline in transportation and communication prices.