Guyana, the third smallest country in South America, is a fast growing economy rich in natural resources, biodiversity, and pristine forests that cover 80 percent of the country. It is a low-lying country with 90 percent of the population living in the narrow coastal plain, largely below sea level.
Guyana is rapidly emerging as one of the countries with the highest economic growth rates in Latin America. Economic growth between 2000 and 2007 averaged slightly over 2 percent, below the regional average of about 3.7 percent. Growth in the economy has accelerated significantly since then averaging over 4 percent per annum. Guyana weathered the effects of the recent global financial crisis very well compared to other Caribbean countries or the rest of the Latin American and Caribbean region.
While most economies in the region contracted during the crisis years (2008-2009), the Guyanese economy recorded an average growth of 4 percent. The macroeconomic outlook is positive for 2013 and growth is projected at 4.8 percent in 2014. Inflation is to remain at around 3.5 percent. Growth is driven primarily by continued expansion in the extractive, agriculture, manufacturing and construction sectors. The medium-term economic prospect is positive and is anchored by the Government’s commitment to sound policies and reforms which emphasizes shared prosperity and poverty reduction.
Over 80 percent of Guyana’s land area is covered by forest. To protect this national asset and to find ways to utilize its forests as a means to generate revenue and propel economic development, Guyana’s Low Carbon Development Strategy (LCDS) is an essential part of its economic development plan. The Government of Guyana seeks to protect and maintain its forests to reduce global carbon emissions, and at the same time attract resources for the country to grow and develop