The International Monetary Fund (IMF) has commended Guyana’s rapid economic transformation and strong macroeconomic performance following the conclusion of its 2025 Article IV Consultation.
Driven by booming oil production, robust non-oil growth, and increased infrastructure investment, Guyana has recorded the highest real GDP growth rate in the world since 2022—averaging an astounding 47 percent per year. In 2024 alone, oil GDP surged nearly 58 percent, while non-oil GDP rose by more than 13 percent. Inflation rose modestly to 2.9 percent by the end of 2024, primarily due to food price increases.
The IMF highlighted Guyana’s expanding current account surplus—more than doubling in 2024 to 24.5 percent of GDP—fueled by growing oil exports. The country’s Natural Resource Fund (NRF) also reached US$3.1 billion by year-end, bolstering its external position.
Looking ahead, the IMF projects sustained economic momentum, with annual growth averaging 14 percent over the next five years. Non-oil GDP is expected to maintain strong performance, supported by infrastructure development and increased productivity.
In its assessment, the IMF Executive Board lauded the government’s prudent approach to managing oil wealth while balancing development priorities. Directors backed Guyana’s goal of eliminating its overall fiscal deficit over the medium term and strengthening public financial management.
While noting that risks such as global commodity volatility and inflationary pressures remain, the IMF emphasized that Guyana’s outlook is highly favorable. The institution also encouraged authorities to continue strengthening financial oversight, improving climate resilience, and investing in human capital.
The IMF praised ongoing efforts to enhance governance, transparency in the extractive sector, and alignment with international anti-corruption and financial integrity standards.
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