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How Guyana Became Latin America’s Leading Development Lab

Guyana is on track to become the world’s largest oil producer per capita, but is aiming to diversify its economy by investing heavily in hydro, solar, and wind power. By using its fossil-fuel windfalls to drive sustainable socioeconomic development, Guyana offers a promising model for other oil-rich developing countries.

BOGOTÁ – Guyana is on the cusp of a profound socioeconomic transformation unlike any seen in Latin America and the Caribbean. Despite its small population of roughly 800,000, it boasts the world’s fastest-growing economy. According to the World Bank, its GDP per capita, which surged by 62.5% in 2022 alone, now exceeds that of major Latin American economies like Mexico and Brazil.