Guyana has successfully transitioned from the upper-middle income to the high-income country designation for 2023, says the World Bank.

The surge in Guyana’s Atlas gross national income (GNI) per capita has been attributed to the substantial growth in its oil and gas production, which more than doubled in 2022. This surge, coupled with higher oil and gas prices, has resulted in an impressive 86.2 per cent nominal increase in Guyana’s GNI, leading to a notable 60.0 per cent increase in Atlas GNI per capita.

The transition to a high-income status signifies the tremendous economic progress Guyana has made in recent years. With the discovery and exploitation of substantial oil reserves, the country’s economic landscape has been reshaped, propelling it into a new era of prosperity.

The increasing volume of oil and gas production has played a pivotal role in this remarkable achievement. The newfound wealth generated by the energy sector has had a transformative effect on Guyana’s economy, boosting government revenue and attracting foreign investment.

As a result, the nation has experienced unprecedented growth and development across various sectors.

The transition to high-income status brings about numerous opportunities for Guyana.

It positions the country to strengthen its global standing, attract further foreign direct investment, and embark on ambitious development projects. Guyana has been investing in vital infrastructure, education, healthcare, and other essential sectors, ensuring a brighter future for its population.