Guyana to use newfound oil wealth to diversify investments into other sectors

According to International Monetary Fund (IMF) forecast, Guyana's economy will grow 47% in FY 2022-23 on the back of oil exploration, and the government forecasts an output of about 800,000 barrels per day by 2025.

The world's fastest-growing economy, Guyana, is mulling its newfound oil and gas wealth to fund investments in other sectors that will reduce its dependence on hydrocarbons, its President Mohamed Irfan Ali said during a trip to the USA.

The Guyanese government is planning such a move to use the revenues from the site to finance investments in mining, tourism, agriculture, and other sectors, added President Ali.

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