A Tiny Country That Could Become the Richest in the World in 5 Years
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Published on Dec 22, 2024
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This tiny nation could become the world’s new investment haven. Throughout its history, unemployment and poverty have plagued this former British colony and the only country on the continent where English is an official language. Once the poorest country in the Western Hemisphere with a GDP of $53 billion (behind countries like Chad, Malawi, Kyrgyzstan and Jamaica), it soared in 2022 with GDP growth of 62%, making it the world’s fastest-growing economy. Until 2015, it was a largely unremarkable country, barely visible on the world map, with nothing special to show for it other than a decades-long territorial dispute with its neighbors, but in 2015, an oil field was discovered, and a second one a year later. The country has gone from poor to rich in four years. GDP per capita has grown from $5,000 to $60,000 per year, and in a few years, according to forecasts, it may exceed $100,000. By 2025, the country's GDP may grow by 1000(!)%. Unexpectedly discovered oil treasures have transformed it from a country that almost no one remembered on the map into a country with which everyone wants to expand relations. The United Nations has already invited it to the Security Council as a non-permanent member in 2024, and the Organization of the Petroleum Exporting Countries (OPEC) has been literally courting local authorities for several months, insisting on joining this organization. According to some forecasts, the country will soon significantly surpass Kuwait and become the largest producer of crude oil per capita in the world. This is Guyana Guyana's total oil reserves are estimated at more than 11 billion barrels, which has become the largest offshore oil reserves in the world. Companies extract more than 400,000 barrels of crude oil per day off the coast of Guyana, generating more than a billion dollars in profits for the country. And the country’s rapid economic growth is expected to continue for several years to come. Guyana is set to become a major oil power with the highest per capita oil production in the world between 2027 and 2030. Guyana’s oil production will continue to grow rapidly as three new approved fields come on stream between 2024 and 2027. A sixth field is expected to come on stream in the first half of 2028.
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