Guyana’s GDP per capita is now greater than Jamaica and Trinidad and Tobago
Vložit
- čas přidán 25. 08. 2024
- What is Guyana’s GDP per capita in 2024?
GDP per Capita in Guyana is expected to reach 27990.00 USD by the end of 2024, according to Trading Economics global macro models and analysts expectations. In the long-term, the Guyana GDP per capita is projected to trend around 30789.00 USD in 2025 and 33868.00 USD in 2026, according to our econometric models.
My personal calculation put the GDP per capita between $28,120 for a GDP of $22.5 billion on the low side, and $33,750 for a GDP of $27.5 billion USD on the high side.
The difference depends on how much the non oil sectors of the economy contribute to the GDP. The oil sector will contribute 17.5 billion USD.
If the non oil sectors contributes 5 billion then we get the low number and if the non oil sectors contribute 10 billion then we get the high number.
Keep on posting videos.I look forward to seeing them.For a Guyanese who left in 1972 your videos allow me to keep up with what's happening in the country. I thank you for what you are doing ❤.
So sad that it’s not tricking down to the ordinary folk!
Great content as always, you sound like t-pain this bout though lol
I have technology problems with the microphone. I will re-recorded this video for the business channel.
@@RaphaelNation now you talking, sounding like a fully fleshed youtuber destined for growth already.
Public servants are still not feeling the benefits
Hey Raph,
Thank you for keeping us informed. I was able see first hand many most the landscape in videos while I was in town last week. Keep up the good work.
That's said, with regards to GDP per Capita - both you and I know that there no correlation between GDP and standard of living. Per my own observation and comments on the ground, the gap between the "Haves" and "Have Not" is increasing at an accelerating rate. It was also careful to note an alarming amount of shoddy and substandard work being performed, especially on the roadways
You are correct. Nevertheless GDP is an important metric which is used in foreign policy decisions by the rich countries to determine if citizens can have visa free travel to their countries. Both the IMF and the World Bank use GDP per capita to determine loan terms and economic policy recommendations. GDP is not a measure the wealth gap in the country.
Agreed with you 100%. Comment was mainly for the benefit of those not familiar with the measure and may inaccurately interpret same.
Again, thanks for the wonderful, un-biased work you do. I was in town for 10 days and recognized many of structures from your videos.
Very helpful! Very Informative.
Guyana needs to surpass Dominican Republic if it wants to be number 1 in the Caribbean.
Guyana has already surpassed the DR which had a GDP per capita of $11,190 USD in 2023.
No it needs to distribute the wealth as good or better than the DR even if the DR is not a great example. Tourism is much easier to distribute wealth than oil due to the workforce required and low entry barrier than oil
Well said, you did well! So everyone in Guyana should be happier as we are showing progress.
It's just a matter of time when everyone should be proud and satisfied 😂
The reason that Guyanese now have visa free travel to the UK is linked to the GDP growth and the economic outlook for Guyana. That is how Guyanese are already benefiting from the higher GDP per capita.
A lot of government, purposely, keep their dollars low for economical reason. Regardless, the best strategy is increase the value of the Guyana ‘s dollar, gradually.
It’s more complicated than that. The government needs to enforce protections for the Guyana dollar and to secure our US dollar reserves. This means that the government must implement a strong dollar policy. Our government refuses to do that. This is why we have significant inflation in Guyana.
That was expected, should have been more too..
With all due respect, I believe the most important stat is the HDI or Human Development Index. Note: the word "Development" While GDP is important to a country's economy, HDI is critical to nations prosperity.
Eventually the people of Guyana will reap the benefits of this economic report. Everything takes time.
One of the main indicators of the health of an economy is, how the country's currency relates to the US Dollar. For more than a decade now, the US Dollar is worth approximately GY $200.00. Why is that so.??
You are correct. The Guyana dollar should be allowed to strengthen against the euro and the USD. It is the government of Guyana that is keeping the value of the GYD weak. I explained that in previous videos and I will focus on the importance of monetary policy on my business channel.
❤ I wanna contribute
Some people just cant help but to get political when you voice your opinion. I never voted and I dont intend to vote, I blame both parties for the state Guyana is in. Maybe we would've been better off not gaining independence because its almost 60 years and nothing to show. All i want is for Guyana to develop into a 1st world country and I dont care who gets us there. The current administration should get another 5 years because they've planted seeds that germinated but need time to grow into trees before they can bare fruit. The other party if in power will cut it all down to plant their own and we the citizens will be the only losers. So far Im not convinced Guyana will become anything close to Dubai, Singapore or Norway. I give it by 2030 then we'll have a clear understanding of where the country stands.
How meaningful and realistic is this information?? Why is the value of the Guyana dollar still so low and the cost of living so high ??
The GDP per capita which I quoted in this video was obtained from the World Bank. You can verify this by googling it. The Government of Guyana is keeping the value of the GYD low because of their political ideology.
@@RaphaelNation 😂😂 an economist even. 😂😂
@@RaphaelNationwhich is?
@@RaphaelNationnot sure you answered his question.
@@seekingtruths4744 which question?
Wow! That's great. But Raphael, why is it we are still poorer than both Jamaica and Trinidad in reality? All we have are fantastic economic figures and nothing else. 😅😢😮😊 cost of living in both of those countries are lower than Guyana. How come when we are richher? Smh!
These are lagging indicators of growth. The problems with consumer growth in Guyana have to do will the unavailability of capital at reasonable interest rates. In other words bad economic policies by the government.
I think Trinidad but definitely not Jamaica cost of living are higher in Jamaica.
@lloydmoore982 , that's not true. Jamaica rank higher than Guyana in the cost of living index scale. Jamaica is rank 70, while Guyana is rank 93. Trinidad is rank 54 out of a 197 countries.
@@IanBynoe-it6nihmm!! how accurate are those scales? to me actual man in the streets reality matters most.i have heard many Jamaicans saying fresh vegetables, fish, fruits just to mention a few are actually cheaper in Guyana.
While you focus on the Caribbean. When will guyana be the number one economy in south America since you negate guyana from the continent it sits on?
Guyana now has the highest GDP per capita in South America. Guyana’s GDP per capita is now greater than most countries in the world including South America. Our GDP per capita for 2023 was 185% of the global average and for this year 2024 it’s more than twice the global average.
@@RaphaelNation guyana also need to work on its HDI and PPP. Guyana is still poor. I'm not sure if oil will improve the lives of many Guyanese. My grand parents and parents left Guyana for the states and relatives either moving to, Canada UK and even to Brazil for much better quality of life especially when Guyana nosed dive due to Marxian policies of Burnham.
you mentioned venezuela
I mis-spoke. My mistake. But Guyana’s GDP per capita is also greater than Venezuela’s.
Raphael, politics aside, how and when will all of this wealth benefit the average Guyanese person?
The benefit of having a higher GDP per capita is that Guyanese now travel internationally will not be mistreated at airports and borders crossings because the treatment you receive from immigration agents depends entirely on the GDP of the country that issued your passport. Guyanese can expect more countries to offer visa free travel because of our increasing economic output.
I see. Thanks for replying.
Why you have to compare good luck to Guyana Trinidad is way ahead of Guyana in terms of infrastructure development and so on
But Trinidad is not ahead of Guyana in GDP per capita. That is the point of this video. Guyanese have along memory of being mistreated at Piarco airport by Trinidad immigration because Trinidad had a higher GDP. That is no longer true.
You are one, Raphael , who is always sounding political. Matter of fact, today is a perfect example because you had to somehow accuse some people of saying that the PPPC government is responsible for the prosperity that happening in Guyana, right now. You had to bring the PPPC government into it, but at the same time you are barefacedly saying you are not into politics or you don’t talk politics.
I stated facts and used mathematical logic. Everything sounds political to one who views the world through a political lens.
@@RaphaelNation The words out of your mouth is that some people are saying that the PPPC government is responsible for or given credit for the better economical situation in Guyana. For some reason you had to talk about the PPPC
@@josephwinslow7613 there is no subject that I will not talk about. I will not stop using the names of political parties just because someone people are offended. People will always be offended and take everything personal. That’s their problem. I speak the truth as I see it. I will not be censored. Nor will I censor anyone.
What about the non oil sector?
Hooray for Guyana 🇬🇾 👏. Now all the struggling will be over . Q the Jeffersons theme song
Yeah, yeah but how does this affect the lives of Guyanese ppl?
High GDP per capita makes it easier to travel internationally. We can no longer be discriminated against because we come from a poor country. And more countries will be willing to offer Guyanese visa free travel.
@@RaphaelNation Oh really Raphael ! This is about some visa to travel....how pathetic!!
How can the Guyanese ppl travel on small salary. I saw the teachers were on strike for better pay and this is your answer.
When the ppl at the bottom are gonna feel real changes in their wallets,then we gonna have a conversation about GDP . For now I only see the 1% benefiting.
@@marklawson9326 you ask a question and I gave you the answer. If you are concerned about how individual Guyanese people benefit then that is a more complicated question and requires a complicated answer that will involve development policy that is largely under political control. I have separate channels to address these issues in detail.
well let me tell you Guyanese people bought thousands of cars I think 100 000 cars more in 2024 so far , so you would say we are eating from rubbish dumps, but yet we have money to buy cars so how come?
Its embarrassing to see Guyanese all over the internet begging whenever they hear bout oil they really think they sound good
Please clarify your statement. Do you mean begging or bragging? If you mean begging then your statement makes no sense. So I assume that you mean bragging. In that case it’s a matter of pride for Guyana to finally be vindicated and reject the superficial snobbery that we often receive from other countries immigration when we travel abroad.
@@RaphaelNation lol all over the internet they in the comments talking about they hungry and starving I never seen a people beg so much
This is true. The government is squandering the wealth so far. Teachers can’t get a proper raise in their salaries but the politicians are becoming billionaires. These two things are both true. Guyana is now the richest country per capita but the money is not reaching the poorest people in this country. These are facts.
@@RaphaelNation teachers can't wait till the buget pass then want a raise they got a raise plus a hefty bonus last December they all were happy trainee was getting $15000 in 2020 and now getting 90+ thousand dollars they paying politics I don't know if you are implicating the politicians thiefing the oil money that's a broad statement poor people have to work for they money. Public servants don't get pay with oil money but with tax collected from hard working people
Guyana.a.be.number.one.top.economie.in.caribbean.in.future.to.come.
Misinformation and disinformation galore! 😱
Did you pass math in high school? If not then this is beyond your comprehension.
@@RaphaelNation knowledge of math is not required to detect the putrid odor of BS.
Can you please do the pasha resort update
@@NicholasJones-bi8ik yes I will do an update this week
@@traderboi2662 how would you know BS if you don’t understand math?
Pulling straws
Explain
And Yet Guyana Still Not As Developed In Infrastructure As Jamaica,Kingston (C),Montego Bay (C),Portmore (C) Just To Name A Few Cities So Where That Oil Money Really Go🤔,Is It For The Guyanese Government And Investors Stealing The Oil Money Not Benefiting The People
Time will tell. It’s only been 4.5 years since Guyana started oil production. What’s amazing is how quickly the gdp per capita changes. It will surpass Canada in 3 years and the USA in 7 years.
Infrastructure is getting there. The government has purchased 100,000 streetlights, all roads in the country are getting paved, new highways, 2 lane roads being converted to 4+ lane roads. Concrete drains, side walks, and more than 8 new state of the art hospitals being built and fire stations too.. Also new transmission lines, new concrete utility poles and so on, and we will be getting a state of the art suspension bridge where no country in the Caribbean has, new offshore ports…. I could keep going on but you get the point…. 😊
You sound like you living in space
@@jermainesingh who
@@Toronto324 the person that say jamaica and Trinidad better i wonder if these people does be ignorant on purpose