XOM - What Slowdown? This Tiny Nation Is The World's Fastest Growing Economy Set To Double GDP In 5 Years Thanks To Oil | Benzinga
As the world’s fastest-growing economy, the small South American nation of Guyana is projected to double in size over the next five years, driven primarily by its burgeoning oil industry.
What Happened: A recent report by CNBC indicates that Guyana, a country with close to 800,000 inhabitants, is expected to expand by a remarkable 38% by the end of the year. This rapid growth trajectory is echoed in the International Monetary Fund’s (IMF) latest GDP predictions.
However, the IMF is not alone in its optimism. BMI, Fitch Solutions’ research unit, also foresees “explosive growth” in Guyana’s economy. Andrew Trahan, BMI’s Latin America country risk head, predicts a surge of about 115% in Guyana’s real GDP over the coming five years.
The significant growth is contingent on the rate at which oil production increases. Guyana’s oil production is predicted to jump from 390,000 barrels per day this year to over a million by 2027, following the inception of new offshore fields in Guyana’s Stabroek Block by a consortium led by Exxon Mobil Corporation (NYSE:XOM).
See Also: Judge Slams Trump’s Attorneys In $250 Million Fraud Case: ‘I Thought That Was A Joke’
While ...