The global economy is going through a turbulent period, with inflation and the risk of recession on the horizon. In October, ECLAC updated its growth projections for Latin America and the Caribbean.

ANSWER

Guyana. With projected GDP growth of 30% by 2023, Guyana is set to be the fastest-growing country in the region. This extremely high rate—which follows an expected 50% increase in GDP for 2022—is the result of the oil boom currently sweeping the small country, which has led to investments disproportionate to the size of its GDP.

Most of the top 10 economies in the region expected to grow the most in 2023 are Caribbean islands, which are benefiting from the recovery in tourism. Venezuela also stands out; its economy appears to have bottomed out and, with a semi-officially dollarized currency and a recovery in oil production and prices, is now beginning to grow after years of decline.

Chile, as is well known, is the only country in Latin America and the Caribbean whose economy is projected to contract in 2023, according to ECLAC projections.