Ever wondered which country holds the title for the fastest-growing economy in the world? It may come as a surprise, but the frontrunner in recent years is a small nation that many are unfamiliar with.

Guyana, located in South America, is projected to experience an astounding 42.8 percent economic growth in 2024, up from the impressive 33 percent growth it achieved last year. This growth rate is one that most industrialized nations and emerging economies in the Far East can only aspire to.

According to Bloomberg, Guyana’s President, Mohamed Irfaan Ali, has revised his annual growth projections upward, anticipating increased investments from both public and private sectors. Despite a significant 60 percent decline in cane sugar production during the first half of the year due to a prolonged drought, non-oil growth still reached 12.6 percent in the first six months of 2024.

Fastest-growing economy led by oil

Guyana’s economy, largely driven by oil, grew by 49.7 percent in the first half of 2024, with the oil sector contributing 67 percent of that growth, according to Ali. The country produced approximately 113.5 million barrels of oil between January and June, and the oil sector is expected to expand by 56.4 percent this year, Bloomberg reports.

Guyana has held the title of the world’s fastest-growing country for two consecutive years, thanks to the largest oil discovery in a generation. By 2027, this Caribbean nation is expected to produce more oil per capita than Saudi Arabia or Kuwait, and it is on track to surpass Venezuela as South America’s second-largest oil producer, following Brazil.

ExxonMobil, which leads a consortium including Hess and the China National Offshore Oil Company, is developing Guyana’s vast offshore oil reserves, estimated at over 11 billion barrels. In 2024, Guyana also plans to capitalize on its downstream energy sector, particularly natural gas. The country’s Natural Resource Fund (NRF) is projected to exceed $3 billion by the end of the year.

The U.S. State Department’s latest report indicates that Guyana, the continent’s only English-speaking nation, is set to significantly boost its per capita wealth.