The IMF Estimates Guyana Will Report Economic Progress Of 86% Next Year
Reportedly, the IMF (International Monetary Fund) thinks that one of South America’s smallest nations is likely to see a striking upswing in financial growth in the next year. Guyana—a small country of almost 780,000 people and shares a border with Suriname, Brazil, and Venezuela in the northeast of South America—will report economic growth of gigantic 86% in 2020, as reported by the IMF. That is higher from 4.4% in 2019. Such a volatile expansion of yearly GDP (gross domestic product) will likely see Guyana registering the fastest financial growth worldwide in 2020. To be sure, Guyana’s estimated economic expansion will be 40 folds of what is projected from the U.S.—the largest economy globally.
Natalia Davies Hidalgo—Latin American Analyst—said to CNBC, “The reason the IMF is estimating that is since Guyana has the highest amount of oil for every individual person of any nation in the world.” Hidalgo said in correlation to OPEC (Organization of the Petroleum Exporting Countries) kingpin Saudi Arabia—which has about 1,900 barrels of foreign reserves per person—Guyana has 3,900 barrels. She added, “And it can have more since production has not even begun yet and new inventories are still being formed.” In the next month, Guyana plans to start oil production—a vision that analysts believe will be groundbreaking for economic wealth in South American only English-speaking nation.
Recently, the IMF was in the news as its chief stated Thailand has fiscal and monetary room to aid growth. Kristalina Georgieva—Managing Director of the IMF—said that Thailand has adequate monetary and fiscal policy space to support its financial system. Georgieva added, “You have the opulence of space in both fiscal and monetary terms. Besides, you also have space for intensifying structural changes. This is a good situation for Thailand.”