Guyana’s economy continues to set the pace for Latin America and the Caribbean (LAC), based on the findings of the World Bank’s October 2026 Latin America and the Caribbean Economic Update, which singles out the country as the standout performer in the Caribbean.

“Guyana stands out within the region, having recorded exceptionally rapid and sustained Gross Domestic Product (GDP) growth since 2020, driven by the scaling up of offshore oil production,” the report stated. Real GDP grew by 33.8 per cent in 2023 and 43.8 per cent in 2024, and the Bank estimates 19.3 per cent growth in 2025 and projects 23.7 per cent in 2026.

According to the report, “these rates are far above those of any other Caribbean economy covered in the report, and the Bank said Guyana’s oil-driven expansion “continues to pull up the subregional averages.”

Guyana’s rising fiscal revenues

The report notes that the expansion “has been accompanied by rising fiscal revenues, improved external balances, and a declining public-debt-to-GDP ratio,” a combination that gives the government a stronger financial footing than most of its neighbours.

Many Caribbean economies, particularly the tourism-dependent islands, are still dealing with high energy and transportation costs. The World Bank cites a “dual-track reality” emerging in the Caribbean with Guyana’s and Suriname’s oil-driven expansions on one side and the more tempered post-pandemic recovery of the islands on the other.

The outlook is also encouraging. The World Bank projects continued growth of 18.7 per cent in 2027 and 15.3 per cent in 2028, forecasts that would keep Guyana among the fastest-growing economies in the world.

The report highlights the pace of growth, which it says “underscores the importance of strengthening public investment management, building institutional capacity, and ensuring that oil wealth translates into broad-based and inclusive development.”

It added that countries such as Guyana face the task of managing revenue volatility and avoiding procyclical policy as public finances expand rapidly. However, with strong growth, healthier public finances and a clear focus on turning oil revenue into opportunity for all, Guyana is well placed to show how a resource boom can become lasting national progress.