The country stands to gain as the war in Ukraine sends oil prices soaring and countries that rely on Russian fuel scramble for alternatives
Save time by listening to our audio articles as you multitaskThe buzz at the shore base hints at how a rush of petrodollars could transform one of South America’s poorest countries. Autarkic policies introduced under socialist rule in the 1970s left Guyana struggling with unsustainable debts and sluggish growth. Many of the country’s 800,000 people make ends meet doing the same things their grandparents did: farming rice, chopping timber or mining gold.
Oil has already boosted Guyana’s tiny economy. Multinationals are setting up shop. Local workers are making money driving taxis, working as waiters or toiling on building sites. The economy grew 20% last year and 44% in 2020 . The current-account balance, which reflects whether a country is a net borrower or lender to the rest of the world, is expected to turn positive this year.
Ashni Singh, Guyana’s finance minister, talks about economic “diversification”. But there is no doubt the country is growing dependent on one industry. By the government’s own estimates, the economy will expand 48% this year. Take out oil, and it will grow by less than 8%.
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