Guyana entered 2026 with four offshore oil developments producing and a fifth expected to begin operations before year-end. The country’s petroleum industry was expanding, and the World Bank anticipated another year of double-digit economic growth. Its January assessment placed the stronger performance in 2027.
Nine months later, the bank’s outlook had changed substantially. Its estimate for 2026 had climbed above the January forecast, following a reduction earlier in the year. Expectations for 2027 and 2028 had moved downward.
The reports trace a changing assessment of the pace of Guyana’s expansion. They also provide a broader perspective on an economy where additional offshore production capacity can make a substantial difference to annual performance.
A changing growth outlook
In January, the World Bank’s Global Economic Prospects report projected real gross domestic product (GDP) growth of 19.6% for 2026 and 21.9% for 2027. Guyana was expected to build on its petroleum-driven expansion, with growth accelerating the following year.
By April, the bank had reduced the current-year projection to 16.3%. Its Latin America and the Caribbean Economic Update simultaneously raised the 2027 forecast to 23.5%. Click here to read more.
