According to a recently published World Bank Report, Guyana’s Gross Domestic Product (GDP) will surge to 33.4 percent by the end of 2024. This growth underscores Guyana’s growing role in setting the pace for economic growth across the region.
Several key projects and policies have already been implemented in various sectors to drive local economic success. Among these, agricultural diversification projects are advancing to expand non-traditional crops and improve food security. These initiatives support sustainable agriculture practices, enhance rural livelihoods, and reduce import dependency. Additionally, substantial investments are being made in modern processing facilities to add value to agricultural products, promote exports, and create job opportunities in rural areas.
Housing development is another crucial contributor to the country’s GDP. The government has focused on several initiatives to address housing needs and support economic growth. To date, the administration has allocated approximately 34,000 house lots to Guyanese from various income brackets, providing a significant boost to the housing sector.
In the infrastructural realm, the new and modern Demerara River Bridge project will replace the existing aging structure, improving connectivity and transportation efficiency. This project is expected to enhance trade and mobility, contributing to economic growth. Similarly, the Linden to Mabura Hill road upgrade is another critical project that will facilitate better access to interior regions, boosting economic activities, particularly in mining and agriculture.
The gas-to-energy project, which seeks to harness natural gas produced alongside oil, aims to supply affordable and reliable energy to Guyanese. By converting gas to electricity, the government intends to reduce energy costs, support industrial development, and decrease the country’s carbon footprint. Investments in solar farms and distributed solar power systems are also being made to provide clean energy to remote areas, fostering inclusive development.
Meanwhile, significant funds are being injected into the country’s eco-tourism industry. Capitalizing on Guyana’s rich biodiversity and natural beauty, the government is promoting eco-tourism through investments in sustainable tourism infrastructure and marketing initiatives. This sector is already attracting international tourists, generating revenue, and creating jobs, with hundreds more opportunities expected. (Modified from DPI).
