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.
Genesis is preparing to shake things up with its most luxurious SUV yet, the GV90. Thanks to a new patent filing, we are getting a detailed look at how its Rolls-Royce-style coach doors will work.
New patent reveals Genesis GV90 coach door system
When Genesis first unveiled the full-size SUV at the NY Auto Show last March, it wasn’t the stunning design or advanced tech that caught everyone’s attention. It was the coach doors.
Although we were worried it wouldn’t make it to the production model, like many concepts, the Genesis GV90 will be offered with coach doors.
The ultra-luxe electric SUV was first caught with coach doors earlier this year on a car carrier in South Korea. Just last month, the GV90 was spotted in California with a hinge at the rear to open the coach doors.
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After several new patents were filed with the United States Patent and Trademark Office for new door latching devices, we are getting a sneak peek at how they are expected to work.
The patents, titled “Cinching Device For Door Latches in Vehicle,” and “Door Latch Device for Vehicles,” give a pretty detailed explanation of how the Genesis GV90’s coach doors will operate. The “Door Latch Device” uses a door striker on the lower side of the door, which is opened or closed by a hinge unit.
Unlike traditional doors, which use the B-pillar for support, the device is attached directly to the door itself, allowing for hinge-like movement.
The cinching device works in a similar way. It’s also attached to the door and part of the vehicle. However, unlike most of its kind, Genesis found a way to use a single cinching device to control multiple units. Again, the device is used for B-pillarless doors that swing open.
Genesis already said that B-pillarless coach doors are now feasible in production vehicles. The patent reveals a glimpse into how the luxury automaker could make it a reality.
Genesis Neolun ultra-luxury electric SUV concept (Source: Genesis)
Although the Genesis GV90 is expected to be offered with coach doors, they will likely not be standard. Other variants, with traditional door handles, have also been spotted testing in the US and South Korea.
Genesis is expected to launch the GV90 in mid-2026. It will be built at Hyundai’s Ulsan plant in South Korea. The flagship Genesis SUV is scheduled to debut on Hyundai’s new eM platform, which the company said will “provide 50% improvement in driving range.” It will also be loaded with the latest technology, software, connectivity, and Level 3 or higher autonomous driving capabilities.
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 the launch of the Tesla Model YL, more Tesla probes and lawsuits, new Nissan Leaf pricing, and more.
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The new electric Mercedes CLA (Source: Mercedes-Benz)
July EV sales looked strong on the surface, but the looming impact of tariffs and the end of EV tax credits reveal a more complicated picture, according to Cars.com’s new Industry Insights report.
New-vehicle sales jumped 6.6% year-over-year, even as dealer inventory fell for the first time since 2022. Much of the spike came from a “buy now” mindset as shoppers raced to lock in deals before tariffs and policy changes drive prices higher. For EVs in particular, the looming end of the federal $7,500 tax credit on September 30 added another layer of urgency.
EV inventory growth is slowing – for now
Shoppers technically have more EV options than ever, with 75 models on the market – a 27% jump from last year. But new EV inventory growth has slowed to just 9% year-over-year, the lowest since before the Inflation Reduction Act revived federal incentives. Analysts expect another wave of buying before the tax credit vanishes, but after that, higher prices could cool demand, especially with most new EVs still priced in the premium-to-luxury bracket.
Tariffs set to push prices higher
Automakers absorbed an estimated $12 billion in tariff costs in the second quarter alone to keep sticker prices steady. That’s not sustainable, and once those costs flow into 2026 models, EV buyers could be facing thousands more on the same car.
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At current 25% tariff levels, the average new-vehicle price could jump from $48,000 to $54,400 – about $6,400 more. Even if trade deals trim tariffs to 15%, buyers would still see increases of more than $4,000. That’s a huge gap compared to household incomes, which grew only 1% last year.
The used EV market is heating up
While new EV prices are bracing for impact, the used EV market is gaining momentum. Inventory is up 33% year-over-year, while average prices dipped 2% to $36,000. Affordable used EVs under $25,000 – including the Tesla Model 3, Nissan Leaf, and Chevy Bolt EV – are selling 20% faster than average. Many also qualify for the $4,000 used-EV tax credit, which, like the new EV credit, ends September 30.
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