TRIVIA

Which country in Latin America and the Caribbean will grow the most in 2021?

a) Chile

b) Brazil

c) Guyana

d) Paraguay

e) Panama

f) Mexico

Response:

c) Guyana. The International Monetary Fund estimates that Guyana will grow by 16.4% during 2021, well above the second country with the highest growth projection, Panama. Guyana was the fastest growing country in the world in 2020, 43.4%, despite the pandemic, and promises to have a spectacular 2022, with a growth of 46.5%. What is the reason behind these spectacular numbers? Simple: a mega oil field discovered off its coasts and being developed by Exxon. It is estimated that investment in the development of this field will average US$4 billion annually over the next decade. Taxes derived from oil exploitation could average almost US$7 billion annually over the next 20 years, a figure that almost doubles the country's current GDP, according to a report by the consulting firm Wood Mackenzie.