Guyana: 2023 Article IV Consultation-Press Release; and Staff Report
IMF Staff Country Reports, December 4, 2023
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- Guyana: 2023 Article IV Consultation-Press Release; and Staff Report
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Bibliographic details
- Published: December 4, 2023
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400260384.002
Economic outlook and growth
- The Guyanese economy continues to experience record growth, supported by the government’s modernization plans and unparalleled oil and gas sector expansion.
- Sustained real non-oil gross domestic product growth is expected as the government continues to invest in human capital, lower energy costs, and build infrastructure, including for climate change adaptation.
- Upside scenario: a construction boom would support higher short-term growth than projected.
- Publication date: December 4, 2023.
- Pages: 107
- Volume: 2023
- Issue: 379
- Series: Country Report No. 2023/379
Oil and natural resource developments
- Guyana’s oil reserves per capita are one of the highest in the world.
- Oil production will continue to expand rapidly as four new fields will come on stream by end-2028.
- Upside scenario: further oil discoveries would continue to improve Guyana’s long-term economic prospects.
Risks and macroeconomic stability
- Main downside risks: overheating, leading to inflationary pressures and appreciation of the real exchange rate beyond the level implied by a balanced expansion of the economy.
- Policy emphasis: ensuring macroeconomic and financial stability while managing rapid revenue inflows from oil extraction.
Policy discussions and priorities
- Policy discussions focused on the authorities’ ambitious plans to rapidly transform Guyana using revenues from oil extraction, while ensuring macroeconomic and financial stability, mitigating risks, and adapting to climate change.
- Key policy priorities highlighted:
- Managing revenue from oil extraction to support transformation without causing overheating.
- Investing in human capital.
- Lowering energy costs.
- Building infrastructure, including for climate change adaptation.
Metadata and identifiers
- DOI: https://doi.org/10.5089/9798400260384.002
- Stock No: 1GUYEA2023001
- ISBN: 9798400260384
- ISSN: 1934-7685
- Subject: Commodities, Economic sectors, External debt, Fiscal policy, International organization, Monetary policy, Oil, Public debt, Public sector
- Keywords: Caribbean, construction boom, development needs, Global, Guyanese economy, IMF FSAP, monetary policy stance, ocean economy, Oil, Public sector
International Monetary Fund. Guyana: 2023 Article IV Consultation-Press Release; and Staff Report (Country Report No. 2023/379), December 4, 2023.
Content in this bundle
- 1. Comparative Regional Developments