IMF urges caution as oil-rich Guyana's economic growth nears 60% [Reuters]
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Source: Reuters
"Overall real GDP growth rate is projected to be 57.8% in 2022," the IMF said in a statement following bilateral talks, predicting that oil production will more than double this year and continue growing at an average pace of 30% per year until 2026. Earlier in September, Guyana's government had predicted 2022 growth at 56% overall and a non-oil growth of 9.6%. A discovery of oil by an Exxon Mobil Corp-led (XOM.N) consortium off Guyana's coast in 2015 has turned the small Caribbean country into an emerging oil power with an estimated 11 billion barrels of recoverable oil discovered so far, which the IMF says is one of the highest levels per capita worldwide. Guyana exports its oil largely to Europe, as the region seeks alternatives to Russian crude, and expects to bank around $1.25 billion this year from the sale of its oil share and royalties. read more The IMF said that while its directors agreed that surging oil output could help address development needs and buffer the ec
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