Located on the northern coast of South America, the small nation of Guyana has emerged as an economic powerhouse, attracting the world's attention with its remarkable growth story and now been seen as the one of the Preferred Investment Destination. Fueled by the discovery of vast offshore oil reserves and a robust non- oil sector. Guyana's economy is expected to see an exponential growth over the next ten years.
Guyana's economy witnessed a groundbreaking transformation with the discovery of vast offshore oil reserves totaling around eleven billion barrels. The Oil and Gas sector is contributing significantly to our economy which creates a rippling effect in many of the other sector.
While the oil sector has been a driving force behind Guyana's economic growth, the country's non-oil economy has also experienced significant expansion. In 2022, the non-oil sector recorded a growth rate of 11.5%. Notably, the construction sector boomed with nearly 30% growth, fueled by increased investments from both the public and private sectors.
Recognizing the transformative potential of the oil and gas sector, Guyana's private enterprises have proactively forged partnerships, pooling resources and expertise to bolster their capacity to cater to the evolving demands of this burgeoning industry.
While oil takes center stage, Guyana's non-oil sectors play a crucial role in sustaining the economy's robust growth. Agriculture, contributing around 20% of the GDP and employing nearly 30% of the workforce, is a significant pillar of Guyana's economy. The government's focus on modernizing the agriculture sector through investments in irrigation and infrastructure promises increased productivity and sustainable growth. Guyana is poised to meet the regional Agriculture Vision 25% by 2025 thus creating a more sustainable and robust agriculture sector that plays a pivotal role in sustaining our Regional Food Security.
Tourism is another sector with immense potential. Blessed with diverse ecosystems, including rainforests, savannas, and wetlands, and boasting a rich cultural heritage, Guyana is a treasure trove of natural attractions. The Kaieteur Falls, the world's largest single- drop waterfall, and the Iwokrama Forest, a haven for wildlife, are among the country's many gems.
Among the major infrastructural endeavors set to impact Guyana's economy significantly is the Gas-to-Energy Project. This ambitious undertaking involves constructing a natural gas pipeline from offshore gas fields to an onshore processing facility, where the gas will be converted into electricity. By reducing reliance on imported energy, this project aims to fuel further economic expansion and sustainability by reducing our current energy cost by 50%.
As the government and private enterprises actively embrace foreign investment and supports vital sectors, Guyana is poised to continue capturing the world's attention as an economic success story in the years to come.