Curvature-lab
4 min read
June 10, 2024
Guyana: From Hidden Gem to Oil-Fueled Economic Powerhouse
For decades, Guyana was a little-known, agricultural country on the northern coast of South America—famous for its rainforests and biodiversity, but not for economic growth. That all changed in 2015, when vast offshore oil reserves were discovered, setting the stage for what is now one of the world’s greatest economic transformations.
Meteoric Growth—By the Numbers
Guyana’s economy has experienced record-setting expansion since ExxonMobil and its consortium partners (Hess and CNOOC) began producing oil from the Stabroek Block in late 2019. In 2022, real GDP grew by an astonishing 57.8% (IMF), with another 43.8% growth in 2024 and projections of continued double-digit growth into 2025 and beyond. Oil production surpassed 645,000 barrels per day in 2024 and, with ExxonMobil’s fourth major offshore project online, Guyana surpassed 900,000 barrels per day in 2025.
The Oil Boom & ExxonMobil’s Central Role
ExxonMobil has placed Guyana at the heart of its global strategy, making it one of their top three deepwater developments worldwide. Four floating production and storage vessels (FPSOs)—Destiny, Unity, Prosperity, and, in 2025, Yellowtail—now operate in the Stabroek Block, with more projects planned. The recoverable oil resources have topped 11 billion barrels.
This success story transformed Guyana, lifting its GDP per capita from $6,950 in 2020 to over $20,000 by 2023, with forecasts even higher in 2025. Oil now accounts for more than 70% of exports—compared to just 0.1% before 2020.
Government and International Validation
The Guyanese government, working closely with ExxonMobil and partners, has leveraged oil profits to ramp up spending on infrastructure, public services, and poverty reduction. The IMF, World Bank, and UN ECLAC have all cited Guyana as the world’s fastest-growing economy several years in a row, with a projected 10% to 14% GDP growth through 2025.
Future Potential—and Challenges
Guyana could produce 1.3 million barrels of oil per day by 2027 and up to 1.7 million by 2030, according to ExxonMobil and government projections. This positions the small nation as the world’s largest oil producer per capita, with extraordinary fiscal and development potential.
However, Guyana faces the challenge of diversifying its rapidly growing economy, managing wealth equitably, and avoiding pitfalls like the "resource curse." Regional and international organizations stress the need for strong governance, sustainable investment, and continued education and infrastructure upgrades.
Guyana is moving from a niche eco-destination to one of Latin America’s fastest-growing economies, propelled by huge offshore oil output and active airport/tourism expansion. Visitor arrivals and domestic tourism are climbing, creating a window for eco-living retreats and sustainable real-estate complexes that pair conservation, wellness, and new tech (IoT + blockchain for energy and asset management).
Tourism demand signals
Arrivals growth: Government and industry sources report new records and double-digit growth—371k visitors in 2024 (+16.3% YoY)—with +18% in the first seven months of 2025 (242,655 vs. 205,646). Domestic tourism reportedly grew ~50% in 2024, diversifying demand beyond inbound traffic. btireports.comKaieteur NewsDPI Guyana
Air connectivity: Expanded services (including new long-haul options in recent years) are improving access; combined with airport expansion, this underpins multi-segment offerings from business travel to retreats. News Room GuyanaGuyana Times
Reliable Sources for Further Reading
Taylan Okatan
CTO
