According to IMF, the small country in South America will experience an unprecedented economic boom this year, thanks to the oil discovered in its underground, which will start to be exported.
“Guyana won the lottery”, highlighted BBC Mundo. According to the International Monetary Fund (IMF), the economy of this forgotten South American nation of almost 800,000 inhabitants should experience economic growth of 86% in 2020. Or a rhythm “14 times faster than that of the Chinese economy“, specifies the Spanish-speaking service of the British media, which adds that Guyana will thus know “The fastest growing in the world”.
For BBC Mundo, Guyana could quickly become the“One of the most prosperous nations per capita in the world”, thanks to its basement. Guyana found oil there, which the small nation, wedged between Venezuela, Brazil and Suriname, will start to export in 2020.
What to do with this oil windfall?
Guyana’s production could eventually reach “Between 700,000 and one million barrels of oil per day”, according to an expert interviewed by BBC Mundo. The equivalent of a medium-sized exporter like Colombia, with a population “50 times less”.
It remains to be seen what the country will do with this growth. Thomas Singh, professor of economics at the University of Guyana, told BBC Mundo that the oil boom could lead his country “In paradise, or directly in the opposite direction” :
With weak institutions, a culture of corruption […] and low human capital, it would be naive to expect Guyana to somehow overcome all the difficulties of becoming one of the few developing oil nations to achieve economic and social transformation with the wealth he suddenly found. ”
The Spanish version of BBC World Service was in its infancy a shortwave service, which became famous in 1938 for informing Latin America despite World War II propaganda. Today, the radio offer is reduced to its site,