Weekly Report - 14 September 2023 (WR-23-37)

Guyana growth soars as new bidding round concludes

Guyana has received bids for eight of 14 offshore oil and gas blocks after its bidding process concluded on 12 September. Oil and gas exploration is transforming the economic and political landscape in Guyana. The International Monetary Fund (IMF) concluded an Article IV Consultation this week after which it confirmed that Guyana’s economy grew faster than any other country in the world in 2022, expanding by 62.3%, with projected real GDP growth of 38% in 2023 as more oil comes on stream. The foreign ministry also released figures, showing a surge in exports in the first half of 2023, dominated by the hydrocarbons sector.

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