Introduction
Last week’s column explained the enigma of, on the one hand, repeated striking downward revisions to Guyana’s expected real GDP growth for 2020 (initially set at 85% by the IMF and Government of Guyana, GoG in Q4, 2019). And, on the other, ending the year, with measured rates of 8.1 percent (IMF) and 45.1 percent (GoG). These later rates are still among the highest globally, and doubly significant in a year when only a handful of countries enjoyed positive growth! The explanation for this enigma, I believe, lies in the world class of Guyana discoveries. As, a result, one notes also that, despite the major setbacks endured in 2020, the ExxonMobil and partners’ industry target of 750,000 barrels of crude oil per day is expected to be achieved comfortably. The same explanation applies.
