Guyana is Now Officially the Richest Country, Financially, in South America

17th of January, 2023. Guyana, South America. GSA News. Guyana News.

Guyana’s GDP Per Capita surpassed $20,000 USD at the end of 2023 and is expected to grow significantly in 2024 as oil exports increase. Barring the unforeseen, Guyana will retain its crown as the world’s fastest growing economy throughout 2024. Before Guyana started pumping oil, in 2019, the country’s GDP per Capita was just about 6500 USD.

The booming oil economy is expected to surpass the GDP per capita of the United States, which currently hovers around 75,000 USD, by 2030, if the country stays on the current trajectory.

The GDP per Capita of a country is the total Gross Domestic Product for a particular year divided by the total population. GDP per capita is a good indicator of how rich a country is because it shows theoretically how much revenue can be attributed to each citizen for a particular year.

Guyana, now in the world’s top 50 highest GDP per Capita, is presently ahead of every South American country in terms of GDP per capita, ranking around number 44 and climbing out of a total of 178 countries listed on World Meters. The South American country coming in with the second highest GDP per capita is Chile with $15,000 USD. Guyana has also surpassed several European, Asian, and Middle Eastern countries in GDP per capita.

Read Story: Guyana now ranks No. 42 out of 178 countries in GDP per capita.

The 2024 budget plugs an unprecedented 1.146 trillion Guyana dollars into the local economy. Out of this, 73.2 billion dollars have been allocated to developing roads across the country, 97.6 billion dollars has been allocated to Agriculture, 2.7 billion for Arts and Culture, and 22.5 billion for water supply development.

Guyanese can expect to witness unprecedented economic development across the country this year if they put their shoulder to the wheel and work cooperatively for the advancement of the homeland.

If you read this article, I strongly recommend that you also read: What is Dutch Disease and Why Guyana is at Such High Risk.