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Trends and Insights

1 Feb 2024

Guyana's Oil Boom Ignites Economic Surge

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Guyana's economy [surged by 38% last year]( due to increasing oil production, projecting a nominal GDP per capita rise to $50,000 by 2030, surpassing Spain and nearing Japan. Despite the economic boon, half of Guyana's population remains in poverty, with ethnic tensions worsening inequalities. President Irfaan Ali aims to avoid the 'resource curse' plaguing other oil-rich nations by implementing a technology and industrial hub, but acknowledges the uncertainty of the country's economic path forward.