DistantNews
Support us
Guyana Leads World in Economic Growth, Manages Debt Effectively, IDB Reports
🇯🇲 Jamaica /Economy & Trade

Guyana Leads World in Economic Growth, Manages Debt Effectively, IDB Reports

From Jamaica Observer · () English

Translated from English and summarized by DistantNews. Read the original for the full story.

At a glance

News Sources not specified Context piece
  • Guyana maintains its position as one of the world's fastest-growing economies, according to a new Caribbean Economics Quarterly report by the Inter-American Development Bank (IDB).
  • The IDB report highlights that Guyana's debt burden has decreased, with debt payments consuming only about five cents of every government dollar collected, down from seven cents before oil production.
  • Significant improvements in the job market are also noted, with the unemployment rate falling from 14.5% in late 2021 to 6.8% in late 2024, while the economy experienced substantial growth, projected to continue robustly in the coming years.

Guyana stands out as a global economic outlier, continuing its trajectory as one of the world's fastest-growing economies, according to the latest Caribbean Economics Quarterly from the Inter-American Development Bank (IDB).

The report highlights Guyana's effective debt management, noting that despite borrowing for crucial infrastructure projects like roads and schools, the proportion of government income allocated to debt servicing has significantly declined. Before the advent of oil production, debt payments consumed approximately seven cents of every dollar earned; this figure has now fallen to about five cents, positioning Guyana as a low-debt nation amidst its resource-driven boom.

By contrast, The Bahamas, Suriname and Trinidad and Tobago entered 2025 with debt burdens materially higher than in 2019.

— Inter-American Development Bank (IDB)Comparing Guyana's debt situation to other Caribbean nations.

This economic expansion is mirrored by a substantial improvement in the job market. The IDB report indicates a sharp decrease in unemployment, falling from 14.5% in the third quarter of 2021 to 6.8% during the same period in 2024. This reflects a growing economy that is creating more employment opportunities for its citizens.

Guyana's economy has seen remarkable growth, expanding by 19.3% in 2025 after an even more impressive 43.8% the previous year. While oil remains the primary driver, growth outside the petroleum sector is also accelerating, rising to 15% in 2025 from 13% in 2024. This diversification suggests that other industries are benefiting from the nation's oil wealth. The International Monetary Fund projects this strong growth to continue, with forecasts of 16.2% in 2026, 19.7% in 2027, and 22.1% in 2028, before gradually slowing to more sustainable levels in the following years.

Guyana’s unemployment rate fell from 14.5 per cent in the third quarter of 2021 to 6.8 per cent during the same period in 2024.

— Inter-American Development Bank (IDB)Detailing the significant decrease in the country's unemployment rate.
About this summary

Originally published by Jamaica Observer in English. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

More Stories

From Our Blog