IMF concludes Article IV Consultation in Guyana
- July 1, 2017
- Posted by: Davis
- Category: Business plans, Economics, Funding trends, Uncategorized
The IMF concluded its Article IV consultation in Guyana on May 24th, 2017, the report has recently been made available.
According to the IMF, economic activity continues expand but growth is uneven. GDP grew by 3.3 percent primarily due to increased gold output. Non-mining sectors generally contracted. The increase in gold exports improved the terms of trade resulting in a current account surplus of 0.4 percent of GDP up from a 5.7 percent deficit in 2015.
In light of the fact the Guyana will be an oil-producing country in 2020, the IMF encouraged the Governments to implement a comprehensive and transparent framework for managing its new oil wealth before oil production begins.