GEORGETOWN – Guyana’s economy continues to surge at an unprecedented pace, earning commendation from the International Monetary Fund (IMF). In its latest review, the IMF highlighted that rapidly expanding oil production coupled with robust non-oil growth made Guyana the world’s fastest-growing economy, averaging an astonishing 47% annual GDP growth since 2022. The IMF projects growth will remain in double-digits in 2025 and beyond, vastly outpacing global averages.

This boom is attributed to soaring petroleum output and large-scale public investments. “Guyana’s transformation is advancing strongly and broadening in scale,” the IMF noted, pointing to record-high exports and infrastructure spending. Key economic indicators underscore sound management: inflation is modest at under 4%, international reserves topped US$1 billion, and the sovereign wealth fund (Natural Resource Fund) has amassed over US$1.1 billion. These buffers, analysts say, reflect prudent fiscal policies by the People’s Progressive Party/Civic (PPP/C) administration to save oil revenues while investing in development.

Finance Minister Dr. Ashni Singh welcomed the IMF’s findings, stating that the government’s balanced approach is “ensuring oil wealth translates into sustainable progress nationwide.” Major projects in energy, roads, and social services are underway, financed in part by oil earnings and guided by a long-term development plan. This year’s national budget, the largest on record, pours resources into schools, hospitals, and hinterland infrastructure – investments the IMF believes will lift non-oil growth to around 7%, higher than pre-oil trends.

The political opposition has frequently criticized the rapid spending of oil funds, voicing fears of overheating or waste. However, economic experts note that independent monitors, including the IMF, have endorsed Guyana’s strategy. They highlight measures like strengthened transparency in the Natural Resource Fund and improved procurement oversight as bolstering confidence. “The data speaks for itself,” remarked one local economist, noting that unemployment has fallen and private sector activity is vibrant alongside government projects.

Risks remain, such as volatility in oil prices or capacity constraints, but the IMF assesses these are “broadly balanced”. In fact, additional oil discoveries and diversification efforts could further boost the outlook. President Irfaan Ali’s government has emphasized investments in education, training and technology to ensure the boom benefits all corners of the country and not just the oil sector. With international institutions now praising Guyana as a model for high-growth management, officials say the priority is to consolidate these gains. “Our aim,” President Ali affirmed, “is a resilient economy that delivers prosperity for every Guyanese” – a vision that, for now, seems increasingly within reach.