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WILL GUYANA SOON BECOMES THE RICHEST COUNTRY IN THE WORLD ?

Publicatie datum: | Bron: https://crayinspiryblog | Door: Redactie

South America’s second poorest nation is bracing for an oil boom that could catapult it to the top of the continent’s rich list – and beyond. But can Guyana avoid the so-called oil curse and ensure that its newfound riches benefit all Guyanese? “Many people still do not get how big this is,” then-US Ambassador to Guyana Perry Holloway told a reception in the capital, Georgetown, last November.

“Come 2020, GDP will go up by 300% to 1,000%. This is gigantic. You will be the richest country in the hemisphere and potentially the richest country in the world.”

It may sound far-fetched, but with a population of around 750,000, in per capita terms, Guyana’s wealth is set to skyrocket. ExxonMobil, the main operator in Guyana, says it has discovered more than 5.5 billion barrels’ worth of oil beneath the country’s waters in the Atlantic Ocean.

‘Oil curse’
The money would certainly be welcome. This former British colony – the only English-speaking country in South America – has high rates of unemployment and poverty.

But history carries a warning for Guyana. The discovery of big oil in other developing nations has exacerbated existing corruption, leading to the new oil wealth being squandered and stolen. It has become known as the oil curse. ,,,09/05/19

BY R INNISS

Publicatie datum: | Bron: https://crayinspiryblog | Door: Redactie

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