Guyana is one of the hottest trending topics worldwide. This is because the country is being touted as having the fastest-growing economy in the world with a burgeoning oil industry. According to World Bank data, Guyana’s estimated resources stand at over 11.2 billion oil-equivalent barrels. Its oil and gas resources include an estimated 17 trillion cubic feet of associated natural gas reserves.
In other sources like Bloomberg, you can watch the documentary on how the country’s economy has moved from one of the lowest performing in Latin America to the fastest growing in the world for two years straight. Additionally, the documentary touches on the intricacies of being a petrostate and crafting a way forward.
Investments
Major international investments are happening in Guyana. Hotel chains such as the Marriot, Hyatt, and Pasha Global/Blue Bridge have already started the construction of multi-million USD projects that are expected to be completed commencing in 2024. The occupancy of those hotels ranges from 125 rooms to 200 rooms. More details on the size, location, cost, investors, and time to completion can be read here.
These developments are happening in stark contrast to neighboring Venezuela, which has a long-standing territorial conflict with Guyana. The dispute has escalated in recent years since the discovery of oil by Guyana. Venezuela held a controversial referendum in December 2023, to vote on several proclamations. The outcome of this may have not been to the extent and hopes of the current Venezuelan administration. However, the Maduro government is moving forward with several unpopular measures.
Consequently. the situation between Guyana and Venezuela has gained the attention of the International Court of Justice (ICJ). The ICJ was approached by Guyana after years of mediation had failed to quell and resolve the dispute between the two nations. The ICJ will rule on the validity of the Arbitral Award of 3 October 1899 (Guyana v. Venezuela).
There are many things to discover about this gem that are gaining a lot of traction in the world news. Interestingly, the economy is just the beginning. Follow us for more on social media.
