Situated on South America’s northeastern coast, Guyana is becoming a major economic power. The International Monetary Fund (IMF) projects that in 2023, the 800,000-person nation’s real GDP will have increased by almost 38.4 percent, as reported by Statista’s Martin Armstrong (as of October 2023). This year, no other nation has had a faster pace of growth.
Significant oil resources were found off the coast of Guyana in 2015 by the oil and gas corporation ExxonMobil. Up to 10 billion barrels of oil are thought to be contained within the so-called Stabroek block. Given that Venezuela claims most of the seas off the coast of Guyana and the area west of the Essequibo River, the oil deposits are a major factor in the present escalation of hostilities between Guyana and Venezuela.
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The Chinese Special Administrative Region of Macau will be the only economy to exceed Guyana’s economic expansion in 2023. Often referred to as “Las Vegas of Asia,” Macau has developed into a thriving hub for business and entertainment. A GDP growth rate above 74% is primarily driven by the tourist, casino, and real estate industries. Economic development has been aided by government measures to diversify the economy and fortify foreign ties.
Growth in the gross domestic product is a key sign of a nation’s economic health. Based on the IMF’s worldwide predictions, the majority of nations are once again facing sluggish growth after the previous year’s downturn.
