The International Monetary Fund (IMF) predicted that Guyana’s real GDP will expand by 10.3% this year, building on the double-digit growth recorded over the past year. And the body’s Director of the Western Hemisphere Department, Rodrigo Valdés acknowledged that the country has been enjoying “very good” economic management.
Mr. Valdés noted that Guyana and Suriname are neighbouring countries with nascent oil and gas sectors contributing to economic development. However, he stressed that prudent economic management is needed to ensure the natural resource wealth is sustainably used.
“We’re seeing very good management in Guyana, and now Suriname has to establish the framework for this to work for them,” Mr Valdés said at a press briefing on Friday.
He also acknowledged that Guyana’s economy has been rapidly expanding and opined that it will continue to develop speedily.
For its part, Guyana started producing oil in 2019 and is set to produce about one million barrels of oil daily by the end of the decade. In its April 2025 outlook, the IMF said Guyana’s real GDP will expand by 10.3% this year and 23% next year. The growth expected this year is the highest projection for the western hemisphere.
This isn’t the first time the IMF has praised Guyana’s economic management.
In its Staff Concluding Statement for the 2025 Article IV Mission, the IMF highlighted Guyana’s impressive economic growth, driven by a combination of rapidly expanding oil production, robust non-oil output, and substantial public infrastructure investment.
The IMF commended Guyana’s authorities for their commitment to macroeconomic stability, fiscal sustainability, and inclusive growth. The report, however, noted that while signs of overheating are not yet apparent, it remains critical for the government to closely monitor macroeconomic trends and continue implementing policies to avoid any imbalances. The IMF also recognised the positive impact of social transfer policies, which have increased disposable income and reduced poverty, and recommended further targeted transfers to support Guyana’s sustainable development goals.
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