Despite oil discoveries World Bank still lists Guyana among poorest in South America

 Amassing Guyana’s undersea oil wealth
Amassing Guyana’s undersea oil wealth

Guyana’s multiple major oil discoveries beginning in May 2015 may have set the country on the path to realising a level of wealth not before seen in the Caribbean, but a recent World Bank Review still regards the country as being “one of the poorest in South America.”.

The Bank’s Guyana Country Review, was last updated on September 3 this year .           

The report states that “the country has “the highest emigration rate in the world” with 80% of nationals with tertiary education leaving and more than 55% of its citizens residing abroad. These considerations, among others, the Bank says, places Guyana “among the largest recipients of remittances relative to GDP in Latin America and the Caribbean.”

According to the review, recent rises in active cases of COVID-19 and deaths are cause for concern in a country which, it says, faces “many challenges from the closure of borders and drops in commodity prices during the pandemic,” along with its continued heavy dependence “on exports of gold, bauxite, and agricultural products.”

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Comments

  • kamtanblog  On 11/30/2020 at 1:23 am

    Here is suggestion of a new name for Guyana “land of many waters”
    Land of black gold
    Lil Saudi !

    At my cynical best “brainstorming”

    My first reaction on reading of the oil discoveries my thoughts shared on GOL
    remain. Use its discovery as collateral to obtain interest free loans from IMF WB to fund Guyana’s infrastructure developments.
    Schools,hospitals,communities et al

    UKs North Sea oil wealth was used to re-pay USA its war debt ! Observe what oil wealth has
    done to your two neighbours cite Trinidad/Venezuela ?
    My grandmother used to say
    “money is the root of all evil”
    Beatles sang “money can’t buy you love”

    My heart bleeds for Guyana and it’s peoples.
    The pen is mightier than sword….
    write on……

    Kamtan uk-ex-EU

  • lallbachanhardeen  On 11/30/2020 at 7:04 am

    Being wealthy in minerals down not make you rich. Exploitation of the minerals for the benefits they bring will only then alleviate “the curse of poverty”.

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