The International Monetary Fund (IMF) Tuesday doubled its original projection of 8.1 percent Real Gross Domestic Product (GDP) growth for oil-rich #Guyana in 2021 to 16.4 percent, but the Government of Guyana is targeting a 2021 GDP of about 20.9 percent, as announced in this year’s National Budget.
The IMF made the disclosure in its April 2021 World Economic Outlook titled, ‘Managing Divergent Economies’
The 16.4 percent GDP for 2021 is the third highest after Macao SAR with 61 percent and Maldives, 18.9 percent, according to the IMF. Guyana’s GDP grew by 43.3% in 2020 mainly because of the new oil sector.
Global growth is projected at 6 percent in 2021, moderating to 4.4 percent in 2022. The projections for 2021 and 2022 are stronger than in the October 2020 World Economic Outlook.
The contraction for 2020 is 1.1 percentage points smaller than projected in the #October 2020 World Economic Outlook, reflecting the higher-than-expected growth outturns in the second half of the year for most regions after lockdowns were eased and as economies adapted to new ways of working.
According to the WEO report, the upward revision reflects additional fiscal support in a few large economies, the anticipated vaccine-powered recovery in the second half of 2021, and continued adaptation of economic activity to subdued mobility.
The analysis and projections contained in the World Economic Outlook are integral elements of the IMF’s surveillance of economic developments and policies in its member countries, of developments in international financial markets, and of the global economic system.
The IMF said that the survey of prospects and policies is the product of a comprehensive interdepartmental review of world economic developments, which draws primarily on information the IMF staff gathers through its consultations with member countries.