{
  "title": "Guyana: 2023 Article IV Consultation-Press Release; and Staff Report",
  "publication": "IMF Staff Country Reports, December 4, 2023",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2023/12/01/guyana-2023-article-iv-consultation-press-release-and-staff-report-541920",
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  "summary": "The 2023 Article IV Consultation highlights that the Guyanese economy continues to experience record growth, supported by the government’s modernization plans and unparalleled oil and gas sector expansion. Guyana’s oil reserves per capita are one of the highest in the world.",
  "sections": [
    {
      "heading": "Economic outlook and growth",
      "content": "- The Guyanese economy continues to experience record growth, supported by the government’s modernization plans and unparalleled oil and gas sector expansion.\n- 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.\n- Upside scenario: a construction boom would support higher short-term growth than projected.\n- Publication date: December 4, 2023.\n- Pages: 107\n- Volume: 2023\n- Issue: 379\n- Series: Country Report No. 2023/379"
    },
    {
      "heading": "Oil and natural resource developments",
      "content": "- Guyana’s oil reserves per capita are one of the highest in the world.\n- Oil production will continue to expand rapidly as four new fields will come on stream by end-2028.\n- Upside scenario: further oil discoveries would continue to improve Guyana’s long-term economic prospects."
    },
    {
      "heading": "Risks and macroeconomic stability",
      "content": "- 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.\n- Policy emphasis: ensuring macroeconomic and financial stability while managing rapid revenue inflows from oil extraction."
    },
    {
      "heading": "Policy discussions and priorities",
      "content": "- 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.\n- Key policy priorities highlighted:\n  - Managing revenue from oil extraction to support transformation without causing overheating.\n  - Investing in human capital.\n  - Lowering energy costs.\n  - Building infrastructure, including for climate change adaptation."
    },
    {
      "heading": "Metadata and identifiers",
      "content": "- DOI: https://doi.org/10.5089/9798400260384.002\n- Stock No: 1GUYEA2023001\n- ISBN: 9798400260384\n- ISSN: 1934-7685\n- Subject: Commodities, Economic sectors, External debt, Fiscal policy, International organization, Monetary policy, Oil, Public debt, Public sector\n- Keywords: Caribbean, construction boom, development needs, Global, Guyanese economy, IMF FSAP, monetary policy stance, ocean economy, Oil, Public sector\n\nInternational Monetary Fund. Guyana: 2023 Article IV Consultation-Press Release; and Staff Report (Country Report No. 2023/379), December 4, 2023.\n\n---\n\n Content in this bundle\n\n- 1. Comparative Regional Developments\n  - 1. Comparative Regional Developments (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1. Comparative Regional Developments (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: December 4, 2023",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400260384.002",
    "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",
    "Guyana’s oil reserves per capita are one of the highest in the world.",
    "Upside scenario: further oil discoveries would continue to improve Guyana’s long-term economic prospects.",
    "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 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:",
    "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",
    "**1. Comparative Regional Developments**"
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