November 3, 2018 |
Sandwiched between Venezuela and Suriname on the northern shores of South America, Guyana has historically been one of the most impoverished nations in the region. Its per capita GDP is the second lowest after Bolivia--just under $9,000. With job opportunities scarce, most college graduates routinely emigrate, a brain drain that only exacerbates the country’s challenges.
But Guyana’s reputation as Latin America’s poor relation could be about to change, thanks to one of the world’s biggest oil discoveries, just 100 miles off its shore. Before the end of the next decade, the government is forecast to receive $13 billion a year from oil production. In a few short years, output could reach 700,
From its poor infrastructure to its inadequate financial sector,
Guyana has much to fix before it’s ready to benefit from the massive oil
discovery off its shores.