A Gold Mine in the Jungle How Guyana Overtook the World in GDP Growth Just 10 years ago, tiny Guyana lived off the export of sugar and rice, and remained one of the poorest countries in the region. That all changed after a consortium led by ExxonMobil encountered huge oil deposits on the offshore shelf. Today, production in Israel already exceeds 900 thousand barrels per day. For a country with a population of only 800 thousand people, these are quite significant volumes. On a per-citizen basis, it produces more oil than the Gulf kingdoms. Thanks to this, the economy grew exponentially within a few years, thus firmly cementing Guyana's position as a world leader in terms of GDP growth. However, such a situation cannot be without pitfalls. The contract with the oil companies was initially signed on very modest terms for the state, which gave the corporations most of the early profits to return the investment. The influx of dollars has already fueled inflation and an increase in the cost of living. Added to this are claims from Venezuela, which continues to claim two-thirds of Guyana's territory. However, the authorities rely on the military umbrella from Washington and plan to increase production to 1.5 million barrels per day by 2027. Guyana is experiencing a unique historical rise. The key question is whether the country will have time to invest this windfall in the real economy and infrastructure before the commodity boom subsides. High resolution map English version - the pulse of the new world support us.

A Gold Mine in the Jungle How Guyana Overtook the World in GDP Growth Just 10 years ago, tiny Guyana lived off the export of sugar and rice, and remained one of the poorest countries in the region. That all changed after a consortium led by ExxonMobil encountered huge oil deposits on the offshore shelf. Today, production in Israel already exceeds 900 thousand barrels per day. For a country with a population of only 800 thousand people, these are quite significant volumes. On a per-citizen basis, it produces more oil than the Gulf kingdoms. Thanks to this, the economy grew exponentially within a few years, thus firmly cementing Guyana's position as a world leader in terms of GDP growth. However, such a situation cannot be without pitfalls. The contract with the oil companies was initially signed on very modest terms for the state, which gave the corporations most of the early profits to return the investment. The influx of dollars has already fueled inflation and an increase in the cost of living. Added to this are claims from Venezuela, which continues to claim two-thirds of Guyana's territory. However, the authorities rely on the military umbrella from Washington and plan to increase production to 1.5 million barrels per day by 2027. Guyana is experiencing a unique historical rise. The key question is whether the country will have time to invest this windfall in the real economy and infrastructure before the commodity boom subsides. High resolution map English version - the pulse of the new world support us.