GUYANA Population - 790,000. Country Profile


Situated in central north of the South American continent Guyana (formerly known as British Guiana) achieved independence from the UK in 1966 and became a republic in 1970. Guyana's area is somewhat smaller than that of the United Kingdom and is the third- smallest country in South America after Suriname and Uruguay.


Guyana has seen more than two decades of one-party rule. Political


P40 WIRE / PULSE / INSIGHT / REPORTS


affiliations in Guyana often fall along ethnic lines.


Economic Outlook


Guyana’s economy traditionally was based on agriculture and mining. In 2014, Guyana GDP positioned the country as the third poorest nation in the western hemisphere, after Haiti and Nicaragua. Guyana’s prospects have taken a huge leap forward since ExxonMobil discovered large offshore oil deposits in 2015 and its gross domestic product (GDP) has increased dramatically as a result. Guyana’s GDP in 2021 was $5.5bn. Its GDP is projected to grow by as


much as 49.7 per cent in 2022, totalling $9.5bn, meaning that it now plays host to the world’s fastest growing economy.


Crucially its economic relations with the US are being strengthened. Guyana exported $1.7bn to the U.S. in 2021, contributing 39 per cent to Guyana’s exports by country. Meanwhile, Guyana’s imports from the United States amounted to $565m in 2021, or 12 per cent of Guyana’s imports. Despite this, 35 per cent of the Guyanese population live below the poverty line with poverty at its highest levels in rural areas.


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