Stormborn posted:Django posted:June 29 2019
Source : www.stabroeknews.com
Based on a projected growth rate of 16.3% during the period 2018 to 2021, Guyana has been identified as having the fastest growing economy in the world, according to an analysis published on the Nasdaq Stock Market website.
The analysis notes that the ranking is based on the average growth rate for the four years (2018 estimates and projections for 2019, 2020 and 2021), which are sourced from the World Bank’s Global Economic Prospects June 2019 data.
The analysis says with a Gross Domestic Product size of US$3.63 billion (2018 Rank: 160), a growth rate of 4.1% in 2018 and 4.6% in 2019, Guyana’s economy is expected to grow by 33.5% and 22.9% in 2020 and 2021, respectively.
It notes that ExxonMobil Guyana has made 13 discoveries since 2015 and plans to begin producing up to 120,000 barrels of oil per day from the Liza Phase 1 development in early 2020.
“Guyana is projected to be among the world’s largest per-capita oil producers by 2025,” it adds.
According to the analysis, the world economy is expected to grow at 2.6% in 2019, the slowest in three years, before it is anticipated to expand again from 2020.
No one doubts it will expand rapidly as the predators gear up for the leeching. Oil income will also cause the economy to balloon some 10 to 40 times in the first few years and one knows what happens in these instances with inflation. Poor people will catch their ass because most of that money is not going into the agriculture sector for one and not into the country side to begin with. This will be an urban expansion where every minister deploy their pet project so they can skim. As I noted, they will not be able to find entertainment events to host so look our for camel races! I hardly expect anyone to think that these crooks from either party who are in a habit to enriching kith and kin will act responsibly and develop the society evenly
The poor will die of massive inflation. Just check out the rents that people want to charge in Guyana. You would think that you are in the USA. And the economy hasn't even gotten into full growth yet.
Small businesses will be crushed as no one will work unless they are paid what they think that oil workers get. This will be the land of speculators. I have yet to see a plan by anyone (govt or private sector) to recycle royalties and other anticipated revenues into other sectors.
As corruption by the elites becomes even more blatant as they all display Miami Beach lifestyle the poor will become more cynical and violent and the security industry will almost match the oil sector in its growth.
Poor Guyana. Equatorial Guinea here we come.