Guyana's Booming Economy and Low Debt Burden Continue to Impress

Guyana's economy is booming, driven by the expansion of its oil and gas industry. The country's government debt burden has declined significantly since the start of commercial oil production in late 2019.

The Inter-American Development Bank (IDB) report shows that Guyana spent about seven cents of every dollar collected by the government on debt payments before oil production began. However, this figure has since declined to approximately five cents.

Guyana's labour market has also improved considerably in recent years. The country's unemployment rate fell from 14.5% in the third quarter of 2021 to 6.8% during the same period in 2024, according to the IDB.