Guyana is expected to maintain the highest economic growth rate in Latin America and the Caribbean in 2026 and 2027, according to the World Bank’s latest regional outlook.
The Transformational Entrepreneurship for Jobs and Growth report, released in October 2025 and based on data recorded up to September 25, said Guyana’s economy is projected to expand by 11.8 per cent in 2025, 22.4 per cent in 2026, and 24 per cent in 2027. No other country in the region comes close to Guyana’s projected growth pace.
The South American nation has posted sustained double-digit expansion every year since oil production began in December 2019, growing 63.3 per cent in 2022, 33.8 per cent in 2023, and 43.6 per cent in 2024. The World Bank said the earlier higher growth rates were driven by major increases in oil production. While output continues to rise with new projects, percentage gains are moderating because of the already high production base.
ExxonMobil began production from the Liza 1 project in December 2019, followed by Liza 2 and Payara. The Yellowtail project started producing in August 2025 and is expected to reach full capacity in the coming weeks. It should be noted that the overall output in September averaged approximately 770,000 bpd. Production is set to reach around 900,000 bpd, close to the combined installed capacity of the four developments, by year-end.
Most of the expected growth in the next few years will come from the ramp-up of Yellowtail and the startup of the Uaru project in 2026. The Whiptail project is scheduled to begin output in the 2027–2028 period, pushing total production offshore Guyana to about 1.4 million bpd. Exxon, along with its partners Chevron and CNOOC, estimates 1.3 million bpd from these projects, though that figure is conservative. The consortium projects output could reach 1.7 million bpd by 2030.
Beyond oil, the government has used the sector’s momentum to stimulate growth in the non-oil economy. Local content rules require oil and gas operators to hire Guyanese companies, allowing local firms to reinvest in the economy. Oil revenues are also being used to upgrade infrastructure and fund social programmes, while partnerships with the private sector target investment in key growth areas.