A Political Crisis Threatens to Derail Guyana’s Oil Boom

Guyana’s president, David Granger, addresses the 71st session of the United Nations General Assembly, at U.N. headquarters, Sept. 20, 2016 (AP photo by Richard Drew).
Guyana’s president, David Granger, addresses the 71st session of the United Nations General Assembly, at U.N. headquarters, Sept. 20, 2016 (AP photo by Richard Drew).
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Despite growing signs of a dramatic and global economic downturn stemming from the coronavirus pandemic, the small South American country of Guyana appears poised for a period of spectacular economic growth. In its recent semiannual report on Latin America and the Caribbean, the World Bank forecasts a 4.6 percent contraction for the region’s economy in 2020, followed by an expansion of 2.6 percent in 2021. However, the World Bank sees Guyana’s economy skyrocketing by 51.7 percent in 2020, before leveling off to 8.7 percent in 2021. The reason for this very rosy outlook? In December, ExxonMobil began pumping oil from […]

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