The world’s fastest growing economy may be on track to grow by more than 100% by 2028, largely fueled by profits from its oil production and export sector, according to one analysis.
Guyana, a country in South America with a population of about 800,000 people, is projected to grow 38% by the end of the year — an “extremely fast” pace, according to recent GDP forecasts by the International Monetary Fund.
The IMF is not alone in its optimism.
BMI, a Fitch Solutions research unit, is also of the view that “Guyana will see explosive growth this year,” said Andrew Trahan, its head of Latin America country risk.
He expects real GDP in Guyana to rise about 115% in the next five years.
“The exact magnitude of the increase [is] dependent on how quickly additional oil production is brought online,” he added.
BMI sees oil production in Guyana to jump from around 390,000 barrels per day this year to over a million barrels per day by 2027 as new offshore fields in the country’s Stabroek Block are opened by a consortium led by ExxonMobil.
Guyana’s Stabroek Block is a 6.6 million acre offshore oil reservoir off the country’s Atlantic coast, and is estimated to hold 11 billion barrels of oil, according to ExxonMobil.
Over time, oil prices will be quite volatile and eventually stay low. That’s why it’s extremely important for Guyana to diversify its economy.
Valerie Marcel
Associate Fellow, Chatham House
“Guyana’s robust growth has been, and will continue to be, driven by a rapid expansion of oil production following a series of discoveries in recent years,” Trahan said, adding that higher oil production will bolster Guyana’s net exports.
Guyana recorded a GDP growth of 62.3% in 2022, the highest in the world, according to the IMF.
Besides oil production ramping up with a third oil field coming on stream, growth in Guyana’s non-oil sector has also been boosted by investment in transportation, housing and raising human capital. IMF’s report highlighted that Guyana’s agriculture, mining and quarrying sectors are also performing well.
Trahan forecasts that the country will be the fastest growing economy in the world in 2023 again, and expects it to retain the title for at least the next two years.
“We see this strong growth continuing over the coming years as oil production keeps going up, with real GDP rising roughly 115% between 2022 and 2028,” he said.
Guyana’s stronger energy exports will fuel the country’s growth trajectory, as will the spillover benefits of strong investment, new employment opportunities and increase in government revenues.
Risks to the forecast
That said, the bullish outlook is not without risks.
Guyana has grown rapidly from being one of the poorest Caribbean countries to an economy “showing exceptional growth,” Valerie Marcel, an associate fellow at think tank Chatham House, told CNBC via email.
The positive growth trajectory will continue, but that will hinge on the country’s political stability and high oil prices.
“Over time, oil prices will be quite volatile and eventually stay low. That’s why it’s extremely important for Guyana to diversify its economy,” said Marcel.
Like any country dependent on oil revenues, Guyana races risks — notably in corruption and Dutch disease, she cautioned. Dutch disease is an economic term referring to the negative repercussions that arise from rapid development as a result of newfound resources, which paradoxically harms the broader economy.
Likewise, BMI sees notable political risks.
“Guyana is a country with a history of deep divisions between its Indo- and Afro-Guyanese populations, and it struggles with corruption and organized crime,” said Trahan. The influx of oil profits could exacerbate the divisions, he said.
Founded in 1689, Husqvarna was a musket maker for the king of Sweden – but now, the company best known for quirky motorcycles and commercial riding mowers is becoming an innovator in the field of robotics, and its latest fleet of electric autonomous mowers are eager to get grazing.
Husqvarna’s autonomous lawnmowers made history earlier this year at the AIG Women’s Open, when they became the first autonomous groundskeeping solution to see duty during a UK Major golf week.
“At the AIG Women’s Open, the Husqvarna portfolio is helping us deliver this goal through improved resource management, regular lightweight mowing and reduced carbon usage,” explains Royal Porthcawl’s Course Manager, Ian Kinley, who has championed the use of robotic technology at the course. “With the AIG Women’s Open set to be the largest-ever women’s sporting event in Wales, we know there’s tremendous pressure to produce playing surfaces that are worthy of such a high-profile event.”
Events like the AIG Women’s Open are proving that the little robot Huskies can get the job done quietly, sustainably, and with significantly less operator input. As such, you’d think everyone at Husqvarna would be excited about them.
You’d be wrong. The company’s franchise dealers have been hesitant to push them forward, effectively putting the parent company in the position of going B2C, or going home.
“Dealers live and breathe the previous technology,” said Yvette Henshall-Bell, Husqvarna’s President of its Forest and Garden division for Europe, in that same Forbes piece. “They want to protect that servicing, that aftermarket revenue. Whereas if they really thought about what the customer’s problems are and the job to be done, they would be looking at a completely different solution.”
A solution, frankly, that looks a lot like a little robot mower.
The bigger CEORA can handle up to 18 acres of ground twice each week, while the Automower, with its 80V battery and pinpoint precision EPOS (Exact Positioning Operating System) software, can handle another 2.5 acres. Both are fully electric, and can guide themselves back to their pens to recharge as needed.
Prices aren’t public, but the Husqvarna CEORA and Automowers are available as part of a custom lease package through Husqvarna Finance that will include access to the company’s customizable back end and ongoing support. Check with your local dealer for more.
Electrek’s Take
As a typically pro-union, pro-labor type of guy, I am hesitant to heap praise upon a robot taking away anyone’s job. That said, it does seem to be difficult for landscapers and construction crews to keep and find good labor at rates they can afford (and, let’s face it – the current Trump Administration isn’t going to be making that any easier). As such, if companies like Husqvarna and John Deere and Einride and others can build a demonstrably better mousetrap at a compelling price point … good for them. (?)
Let us know what you think in the comments.
SOURCES: Forbes, Golf Monthly; images by Husqvarna.
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In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Apple CarPlay possibly coming to Tesla cars, VW getting access to Superchargers, a Toyota electric pickup, and more.
As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.
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2025 Hyundai IONIQ 5 at a Tesla Supercharger (Source: Hyundai)
US EV sales declined in October following the expiration of the $7,500 federal tax credit on September 30, and the average transaction price (ATP) edged up, according to initial estimates from Kelley Blue Book, a Cox Automotive brand. However, there are still deals to be had.
Kelley Blue Book’s initial estimates show that US EV sales fell to 74,835 in October, down 48.9% from September, which was a record month, and 30.3% year-over-year.
Prices also ticked up. The average transaction price (ATP) for a new EV climbed 1.6% month-over-month to $59,125, which is 2.3% higher than a year ago.
Tesla didn’t escape the downturn, but it held up better than the overall EV market. The company’s ATP fell 1.1% from September to $53,526, and its prices are 5.5% lower than they were in October 2024. Sales of the Model 3 and Model Y both declined month-over-month, and overall Tesla sales decreased by 35.3% from September and 23.6% year-over-year, which are smaller declines compared to the broader EV segment.
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Cox Automotive senior analyst Stephanie Valdez Streaty said the shift wasn’t surprising:
We expected this shift in the electric vehicle market. With the IRA-backed sales incentives gone, lower-cost EV volume was hit hard, pushing the mix toward more luxury and driving October’s EV ATP to a 2025 high of $59,125 – now $9,359 above the industry average. Affordability has always been the core challenge with EV sales, and this reset only underscores how critical it is to bring more attainable EV options to market.
Electrek’s Take
September was a record-breaking month for both EV deals and sales. Dealers were offering all sorts of sweet incentives to stack with the federal tax credit to move cars off the lot. October’s sales drop was entirely anticipated, like a pounding headache after a big blowout party.
We didn’t know what the post-federal tax credit EV market would look like. As Valdez Streaty rightly states, EVs do have a higher ATP than the industry average. But it turns out that, so far, it’s not all doom and gloom, and the federal tax credit isn’t the only incentive in town.
Every month, I compile great EV lease deals, and for the last few months, some EVs’ monthly lease payments have been cheaper than before the federal tax credit expired. Many states are still offering rebates on EV purchases, and dealers still have really good deals. While cheaper models would definitely be welcome, there are good deals available right now.
And let’s not forget the fact that EVs are much cheaper to drive than gas cars, with or without that tax credit.
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