How Has Rapid Oil Growth Changed Guyana's Economy?
Partner Kelly-Ann Cartwright was interviewed by The Dialogue's Latin America Advisor about Guyana's economic growth driven by its rapidly expanding oil industry. Finance Minister Ashni Singh reported a 19.3 percent year-over-year increase in gross domestic product in 2025, predicting a slower but still stalwart 16.2 percent increase for 2026. Ms. Cartwright, who was born in Georgetown, Guyana, told Latin America Advisor the influx in wealth is giving the government the ability to fund major national projects and invest in infrastructure, public services and long-term development initiatives. She added that priority areas include propelling new industries, improving electricity supply and stimulating growth in agriculture, construction and other non-oil sectors, exemplifying a strategy to diversify the country's economy and transform oil wealth into broader, sustainable progress. She noted foreign investors and groups such as the International Monetary Fund (IMF) are taking note of Guyana's push to balance oil-anchored development with responsible financial decisions and highlighted potential challenges ahead, including a shortage of skilled workers and rising living expenses. Nevertheless, she expressed optimism for the country's financial and economic future.
"With careful planning, transparent governance, sanctions compliance and sustained investment, Guyana can turn its oil boom into long-lasting widely shared prosperity," she concluded.
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