S11.E20 I Guyana’s Economy is now bigger than Jamaica’s Economy
Guyana now has a $17 Billion USD economy which exceeds Jamaica which has a $14 Billion USD economy. I calculated the current GDP for Guyana given the increased production of oil and gas to 340 thousand barrel per day with the price of oil above $100 USD per barrel. The GDP for the next 12 months will exceed $17 billion USD.
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#currency #money #GDP #Guyana #oilandgas
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You done well with the maths! Good on you,
Blacks is not getting nothing,we will have to fight for it ,so get over it 😢
I don't know if the info regarding Guyana's nominal GDP is accurate. I couldn't find the info stating Guyana's nominal GDP will be approximately US $17 billion by the end of 2022. What I have found is info stating Guyana's 2025 nominal GDP should double its 2020 total. However, Guyana's nominal GDP per capita should significantly exceed Jamaica's per capita GDP over the same period.
Peace blessings let's not be hyper but be humble and keep moving in the right direction. and OO!! let's me mindful of the IMF and their lecturing on how conservative Guyana should be about helping our people.because they wants to offer us big loans with all kinds of payback criteria.i often wonder why these people only seems to target countries ..or individuals when you seems to have the potential to payback with big interest?
Good topic of course we will be somewhere in the middle in 2yrs because as the u.s fed gets control of inflation and the Ukraine invasion ends i think brent crude prices will go back down to below $100 per barrel..probably $60 to $80
U have.OIL which JAMAICA has none of , well up to PRESENT so what do you EXPECT.???
I’m impressed I remember in the late 80s when Guyanese were fleeing the harsh economic conditions and coming to Jamaica. My principles of business teacher in high school came from Guyana. He was a boss of a teacher! Mr Bowen was his name at Titchfield Hight School in Portland
gdp calculation is a multi variabled equation, the calculation you present here is not accurate.
Nation-wide infrastructural development is most important to reap the benefits of economic growth
LAST SHALL BE 😌 FIRST.
You do realize that oil was found in Jamaica and have an extraction date of 2023. Your predictions are based on other islands not increasing their revenues and GDP. Also, your economy is not diverse, oil makes up 80% or more of your economy which is not healthy. If the global demand for oil decrease by 80% in the future, you are toast. Also, Guyana is now being invaded by Brazilians, venezuelans, Columbians and other south American people. The oil companies are bringing in their people from the middle east and abroad so Guyana is being invaded. So I think before you get on social media and get excited about oil money, try and talk about the real issues that is facing Guyana. Oil is going to bring a lot of money and it's going to bring a lot of problems. Where are the major developments in Guyana? Where are the big manufacturing companies, the schools, the highway network, the hospitals, the tourism Products. Oil profits is between government and oil companies and most of the times the government rob up the money. The people don't see a lot of benefit from it. When you compare Jamaica to the rest of the Caribbean, the Jamaican people are more entrepreneurial. With the massive increase in tourism, the people are able to make money from setting up their own events companies, tour companies, attractions, restaurants, and many other businesses. So the local Jamaican is now starting to benefit not just the government and owners of hotels but the little man is making money now.
Hmmmm, 3rd world economies based on resource extraction don't bring generalized and sustainable increases in living standards. It's sad watching how enthused people are because of crude oil. It would do everyone a world of good to STUDY the experiences in Venezuela, Nigeria, Angola and other countries. The most important ingredient for a successful economy is FREE MARKETS and a reasonably cohesive and reasonable populace….not necessarily natural resources.
I hope you have Good Luck with your politicians, I see massive corruption and divisive struggles for power.
Thank you for sharing
Well said Raphael, you struggled a little with the maths but your explanation is brilliant…joe
Raphael clean up all the trash around your neighborhood
Hello Raphael,serious question,Is a simple majority needed in parliament to approve the extraction of money from the oil fund,I seriously believe that at least a 3/5 majority is needed for something as this in my opinion ?
Guyana has a hugh hydropower potential for electricity so the country can export the vast surplus to countries like Brazil,Suriname…to earn extra money for the economy.
Does the country have gold reserves or is it all sold on the open market?
The gold that is extracted by foreign companies, what percentage of the profits is taken by the country?
Proud of my country can’t wait to return for good
Guyana will become the wealthiest country in the Caribbean like u said two years ago u were so true I didn't believe until now
Raphael, we are not doing 340,000 barrels per day. We are doing 260,000 barrels per day at the moment. We will ramp up to 340,000 by November this year. You have to make adjustments to your predictions.