TRIVIA

Which country in Latin America and the Caribbean will see the strongest growth in 2021?

a) Chile

b) Brazil

c) Guyana

d) Paraguay

e) Panama

f) Mexico

Answer:

c) Guyana. The International Monetary Fund estimates that Guyana will grow by 16.4% in 2021, well above the second-ranked country in terms of projected growth, Panama. In 2020, Guyana was the world’s fastest-growing country, at 43.4%, despite the pandemic, and is poised for a spectacular 2022, with growth of 46.5%. What is the reason behind these spectacular numbers? Simple: a massive oil field discovered off its coast that is being developed by Exxon. Investment in the development of this field is estimated to average US$4 billion annually over the next decade. Taxes derived from oil production could average nearly US$7 billion annually over the next 20 years, a figure that is almost double the country’s current GDP, according to a report by the consulting firm Wood Mackenzie.