World’s fastest growing economy mulls to diversify from oil
The fastest economic growth in the world of Guyana is pondering to use the newly found oil and gas wealth to fund investment in other sectors that will reduce their dependence on hydrocarbons, President Mohamed Irfan Ali said during the trip to the US.
The Guyana government plans such a step to use income from sites to finance investment in mining, tourism, agriculture and other sectors, added President Ali.While Guyana is a hydrocarbon market that appears, our economy will not be based on hydrocarbons, “Bloomberg quoted Ali who told the Atlantic Council in Washington DC on July 25.
According to estimates of the International Monetary Fund (IMF), Guyana’s economy will grow 47 percent in the FY 2022-23 behind the oil exploration, and the government estimates of around 800,000 barrels per day in 2025. As the details are, off the coast of around 800,000 oil deposits, the first time Did drilled Exxon Corp car in 2015, is very large relative to the Guyana population of 780,000 so that some projections show the country in its track to overtake Kuwait to become the largest crude oil producer per capita in the world.
South American State – neighbors of Venezuela and Brazil – Mulls to use funds from the wealth of oil and gas that were just found to build roads and infrastructure to open other economic areas, including gold mines, diamonds, bauxite, and copper, Ali said.Apart from this, President Ali said the country also wanted to save the Amazon rainforest, which included most of its territory and had the potential to produce more than $ 100 million per year in carbon credit.
