2023-12-03 23:06:23
The Stabroek block is an offshore oil field containing around 11 billion barrels. Photo: LR composition
A report of International Monetary Fund (IMF) reported that a country in South America will be faster growth at a global level. This South American nation is driven by the extraction, production and export of Petroleumand it is estimated that it will grow by 37,2%the one with the greatest economic expansion in the world.
Guyana, a country with less than 800,000 inhabitants, will be the nation with the greatest economic progress following an increase in 62,3% in 2022 and it is expected that in 2024 it will grow by 45,5%which surpasses the other countries in the region worldwide.
Guyana, the country that will grow a thousand times more than Argentina
He International Monetary Fund (IMF) estimates that the Gross Domestic Product (GDP) of Guyana have an increase of 115% in 2028. In addition, the South American country will go from exporting 390,000 barrels per year to more than 1 million by 2027.
As stated Andrew Trahancountry risk manager BMI —research unit of Fitch Solutions— for Latin America, “Guyana will experience explosive growth this year.”
“Guyana’s robust growth has been, and will continue to be, driven by a rapid expansion of oil production following a series of discoveries (of oil fields) in recent years,” Trahan told CNBC.
He Bloque Stabroek It is a 6.6 million-acre marine oil field, located off the country’s Atlantic coast and containing around 11 billion barrels, making it the most important in the entire nation.
Trahan estimates that there will be “strong growth” that “will continue in the coming years as oil production continues to increase, with real GDP increasing by approximately 115%, between 2022 and 2028.”
The area known as Essequibo remains in discord due to a dispute with Venezuela. Photo: LR composition/Wikimedia commons
The labor demand in Guyana derived from accelerated economic growth might attract immigrants from all over Latin America, which might affect not only Guyanese, but also neighboring countries.
Oil specialist Luis Oliveros, originally from Venezuela, explained his vision to DW and underlined the arduous task facing Guyana. He warned that if Guyana wants to avoid falling into the same traps that Venezuela fell into for a century, and particularly in the last 20 years, it will have to tread carefully.
Guyana and Venezuela face off over the Essequibo
The president of Guyana, Irfaan Ali, asked Venezuela to abide by the binding ruling of the International Court of Justice (ICJ) that urged Caracas to “refrain” from taking “any action that modifies” the situation in the territory west of the Essequibo River. , cause of binational dispute.
“Today’s ruling is legally binding for Venezuela. Both the UN Charter and the Statute of the Court, to which Venezuela is a party, demand its strict compliance,” Ali said in a video posted on his Facebook account in response to the referendum. planned by Venezuela for this Sunday.
In this sense, Ali emphasized that, “as the Court has made clear, Venezuela is prohibited from annexing or invading Guyanese territory or taking any other action.”
“Guyana remains steadfast in its commitment to the international judicial process and the rule of law. It is fully confident that, when the ICJ issues its final ruling on the merits of the case, it will conclude that Essequibo is legally and legitimately Guyanese territory,” he noted. the president of Guyana.
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