In its final 2023 report, the Economic Commission for Latin America and the Caribbean (ECLAC) reveals a remarkable 39.2% surge in Guyana’s economic growth, surpassing earlier projections.
Titled “Preliminary Overview of the Economies of Latin America and the Caribbean,” the report highlights a modest 2.2% real Gross Domestic Product (GDP) growth for the overall Latin America and Caribbean (LAC) region.
Breaking down the figures, the Caribbean, excluding Guyana, is expected to see a 3.4% increase, down from 6.4% in 2022. However, when factoring in Guyana’s substantial growth, the region could experience a noteworthy 9.4% GDP increase this year.
Guyana’s economic expansion is attributed to significant developments in its emerging oil and gas sector. The projected 39.2% growth rate stands as the highest in the region, with ECLAC forecasting a continued impressive growth of 28.9% for Guyana in the upcoming year.
Contrastingly, South America is anticipated to register a 1.5% increase (down from 3.8% in 2022), while Central America and Mexico are forecasted to record a 3.5% growth rate (compared to 4.1% in 2022).
These economic growth figures have tangible implications for individuals, as ECLAC notes that the sluggish regional growth is likely to be accompanied by a slowdown in job creation.
