Guyana’s economy remains among world’s fastest growing – IMF

Guyana’s economy continues to rank among the fastest growing in the world, underpinned by robust expansion in both the oil and non oil sectors, according to the International Monetary Fund following its 2026 Article IV Consultation.

The assessment was contained in a statement issued on Friday at the conclusion of the IMF’s 2026 Article IV Consultation, following discussions led by IMF Mission Chief Lusine Lusinyan with senior government officials, the private sector, labour representatives and other stakeholders.

The IMF reported that Guyana’s economy expanded by more than 19 percent in 2025, following average annual growth of nearly 40 percent during 2023 and 2024.

The IMF said, “Guyana’s economy continues to expand at a very rapid pace, supported by robust oil and non oil activity.”

Oil production exceeded 900,000 barrels per day by the end of 2025, representing a 35 percent increase over the previous year, while the non oil economy recorded growth of approximately 14 percent, driven by construction, agriculture, mining and manufacturing.

The IMF also outline continued improvements in the labour market, noting that unemployment declined to 6.2 percent by the end of 2025, while inflation remained relatively contained despite rising global food and energy prices.

The fund praised the government’s economic management, pointing to stronger fiscal and external positions, continued investment in national development and the accumulation of savings in the Natural Resource Fund.

IMF explained that, “Prudent macroeconomic policies continue to support growth,” the IMF stated, adding that the government’s development agenda, anchored by the Low Carbon Development Strategy 2030, maintains “a welcome focus on economic diversification, resilience, and sustainability.”

According to the report, oil revenues more than offset lower non oil revenues in 2025, contributing to a narrower fiscal deficit while financing continued investments in infrastructure, education and healthcare.

The IMF also found that available economic indicators “do not point to clear signs of overheating,” while recommending continued monitoring of wage growth and competitiveness as the economy continues its rapid expansion.

Looking ahead, the fund described Guyana’s prospects as “highly favorable,” projecting that oil production will continue to rise while the non oil economy is expected to grow by an average of about seven percent annually over the next five years.

“The economic outlook remains highly favorable,” the IMF said, noting that new oil developments, sustained public investment and expanding infrastructure will continue to support long term growth.

The report further commended the government’s commitment to fiscal responsibility, describing its borrowing strategy as prudent and reaffirming that Guyana remains at low risk of debt distress.

It also welcomed ongoing efforts to strengthen governance, improve transparency, modernise public financial management, reinforce anti money laundering and anti corruption frameworks, and enhance oversight of the extractive sector.

The IMF further recognised Guyana’s commitment to climate resilience and economic diversification through investments in renewable energy, climate resilient infrastructure, agriculture and human capital, noting that these initiatives will help improve competitiveness, lower energy costs and sustain inclusive economic growth over the long term. [DPI]