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NEW DELHI: Amid a sea of sharp contractions across economies around the globe, one country stands out: the tiny Caribbean nation of Guyana, which according to the World Bank‘s latest Global Economic Prospects report, is forecast to grow by 51.1% in 2020-21 – fuelled by the beginning of oil production in an offshore field.
Egypt, Benin, Ethiopia and Uganda are forecast to grow at 3% to 3.2%. Vietnam is likely to grow at 2.8%. Bangladesh 1.6%, Myanmar 1.5%, Nepal 1.8% and Bhutan 1.6% are seen remaining above the contraction level south Asia, as a whole, is expected to experience.
China is projected to slow to 1% in 2020 – by far the lowest growth it has registered in more than four decades. It is estimated the Indian economy will contract by 3.2% due to the impact of the strict lockdown.
Guyana’s economy is projected to expand dramatically this year as phase 1 oil production of the offshore Liza oil field comes online and phase 2 development begins.
