Why Guyana is the Worlds Fastest Growing Economy
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- čas přidán 26. 11. 2022
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You might not believe it, but this tiny South American country is the world's fastest growing economy. So in this video we unpack why Guyana is growing so quickly, what it tells us about the world and if Guyana can keep their position.
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1 - www.bbc.co.uk/news/world-afri...
2 - www.dw.com/en/africa-and-fran...
3 - jacobin.com/2021/03/africa-co...
4 - en.wikipedia.org/wiki/CFA_franc
5 - en.wikipedia.org/wiki/CFA_franc
6 - Growth and Convergence in the CFA Franc Zone
7 - en.wikipedia.org/wiki/Guinean...
8 - www.jstor.org/stable/161484
9 - www.theoxfordblue.co.uk/2022/...
10 - edition.cnn.com/2019/12/23/af...
11 - www.assemblee-nationale.fr/14...
12 - www.rts.ch/info/monde/1044646...
13 - www.foi.se/rest-api/report/FO...
14 - ecfr.eu/special/sahel_mapping...
15 - www.west-africa-brief.org/cont...
16 - www.europenowjournal.org/2018...
17 - www.stopblablacam.com/economy...
As a Guyanese, I can tell you that the poor will get poorer and the rich will get richer. That's Guyana in a nut shell. The oil will mean nothing to the working class.
As an employee of a certain oil company which happened to find that oil (oh look, I didn't name it so it is okay, business daddy!) I can say we don't get jackshit, either. So don't worry :D Also I am from the other side of the world.
As my cousin running the county you have no idea what you are talking about. Why don’t you talk about how everyone is benefiting already and the changes made to the poor.? Prove what you say. How about over 20k scholarships going out? Woah wait you have to put in effort what a shock!
Sadly that is how whole world works. From India and I feel same as you, opportunity or crisis only elite gets all benefit. So I feel that for a Guyanese, oil might be a curse and not a blessing.
Also a Guyanese here, and what are you basing that on? That's a cliche and vague statement that means a whole lot of nothing. 2022 was the first year that the oil money started being spent and on the ground there are hospitals, energy generation projects, sporting facilities being built countrywide, road upgrades, tourism development, nurturing of small businesses, being given priority all while the government seems to have the dutch disease in mind, hyper focussed on developing agriculture, manufacturing, tourism and other industries to ensure diversification.
Life is getting and hopefully will continue to get better for Guyanese. Don't expect a handout. It will take work to get a piece of the big pie if you want it.
But if ever there was a time for optimism as a Guyanese it's now.
the moment inequality start showing its ugly head, you can bet some clown will promise people the heavens and more if he get elected president and then you end up like Venezuela.
also LMAO at some comments here, cuz you can already see the way people expect the good life cuz some foreign companies are extracting resources.
As a person of Guyanese descent who lives and studies political development in the US, listening to family back home and looking at the numbers surrounding Guyana, I can’t help but get excited. Thanks for the video!
Is what your family back home really telling you man 49% of our people are in poverty
@@naphtaliliverpool882 yes i wonder same lol. its a shit show here. mussy just looks nice from the outside and the "numbers" lol
@@naphtaliliverpool882 The opportunity for work is there. The people need to stop being beggars, thieves and touts and go out there and work. I've seen a beggar with a CAR. Why work right?
My family is generally very well off. They’ve move between the UK and Guyana. So are they the average person, absolutely not. But the desire to see the country improve overall is very immense.
@@naphtaliliverpool882 to reduce that number a gdp boost is necessary
I really hope they avoid the Dutch disease since it would really pave the way for other poorer countries that have untapped oil reserves and we can see a more economically equal world. This is a great and beautiful thing for Guyana and the world.
Guyana is in South America, the CIA's playground, they're going to go through hell.
Norway is the perfect guide on how to handle oil: don’t use the oil money directly use it to make a fund and use the money of the fund to improve your country
exactly they sould learn lessons from Venezuela and Norway
Not for Guyana. Guyana is corrupt, the people are unskilled & not educated. Completely different situation as to when oil was discovered in Norway. What Guyana can & should do is to follow the examples of UAE & Qatar. They can call on expatriates to train the local people to work across different sectors. They can also try to attract startup & digital nomads to come to Guyana & set up businesses which can further help to diversify their economy. It also can help increase population growth quickly which is necessary to diversify its economy. It's extremely hard to diversify your economy when your populations are that small & your oil reserves are that big. Immigrations are necessary to grow their population quickly. Guyana can be like a Singapore or the UAE of Latin America if everything is done right...
Guyana is such a fascinating and diverse country, with an incredibly high level of forest cover, and many indigenous nations living throughout that make up 10% of the population. My dad was born there in the 50's before they were independent, a very different place back then. I'm happy to see they are experiencing growth, but hope they can hold onto their culture and other industries, for example they are becoming more popular for eco-tourism, which is a great way for indigenous people to make money by sharing their expertise on the land.
You're happy they are going from a pointless artificial country with no reason to exist to a petrostate? Future isn't looking very bright. Long term future I mean
Diversity is not a strength.
Sounds so, umm, progressive of you😂. If they play true to their demographics, it will be another corrupt banana republic
@@Tonius126 This is part of the poison Westerners are hooked on. And the reason they are sinking
Diverse: Indian and African
As a Guyanese person, I am a little skeptical about this. If the wealth does not go to the ppl it won’t matter, and Guyana will continue to experience brain drain as the “educated” and upper class continue to immigrate to other places.
You need to act quickly and construct a system that gives the Guyanese state full sovereignty over its oil and set a hard limit on its spoils, I mean mandatory investments of a certain amount. Corruption is a big danger here, so you need to make sure to enforce complete transparency on all political and oil-industrial institutions. You shouldn't be just a little skeptical, you should be very sceptical. And since your country really is so small, your opinions, your research and your voice will be heard!
From my limited perspective, in order to become self-sustaining in the oil industry Guyana will have to gradually de-privatize the oil industry while building up their own education and infrastructure, so Guyanese workers can work in the mining rigs.
Educate yourself about the specific policies succesful countries such as Norway implemented, copy and adapt them. Make proposals, maybe join an NGO, send letters to the MPs. Advocate openly. The democratic process is manifold. But most importantly, do it now, before it is too late.
Greetings from Germany.
Equatorial Guinea is technically the wealthiest nation in Africa......
@@12345678910eleven12 In the exact same way Guyana is rich, too!
@@zakuro8532 Hello my German friend, we dont want to nationalise the oil industry, we are getting a lot of money from it, even though that one block pay back was not so good for us but its only one oil block and there are 20 or so more,and you fall for the corruption lie, there is no corruption when it comes to the oil money Guyana has the strickest rules in the world., Now why do you say Guyana is small, its bigger than east Germany, when there was an east Germany. We definately do not want to deprivatise the oil industry, thats a receipt for desaster. And we are building a world class infrastucture and educational system right now, Do you think just getting money in the bank
makes Guyana economy Grow? of couese not, you have to have sound structural economy measures. Many Guyanese work already on the oil rigs, I think 70% . Well as for Norway they took about 30 years to from the first discovery of oil to get where they are now , Now the whole world expects Guyana to have Norway standards from the first oil money 3 years ago to have Norwayigean standards. Norway did not grow as fast as Guyana is growing now and for sure Norway has nothing to teach us. we already have a fund, but we need to build infrasture and health and education first. Did you know the Noroway fund lost billions a year or so ago? we do not want NGO as they are against Guyana and supported by the European Union. We will never suffer from the so called Dutch disease,as we have prudent men ruling us. you mean well but your model is not the one we want to follow.
amazon warrior.
As a Brazilian I'm amazed by your response, my country feels so big that I don't think I can have an influence. This is probably the reason why leftism works better in Europe than Latin America. Europeans are highly educated and put a lot more pressure on the state to perform correctly. When we apply deprivation the state often looses accountability, and ends up bribing cartels/mega corporations with public assets. This is why Socialist policies often lead to authoritarianism and corruption that stagnates our growth here.
As a Guyanese I can confirm, this will most likely change nothing. The insane amount of corruption, greed and racial tension that my country suffers from will only serve to further cripple this nation.
what racial tension you baboon? Guyana is a peaceful country, but we know The evil PNC/R RATS are working to overthrow the gov with Bidens and the EU help, but you will all fail.
Guyana could use its oil to make itself energy independent. That would be great for the Guyanese.
Or do what the norwegians are doing
@@glendisshiko8182 What are the Norwegians doing?
@@joshualeonpearl3724 Put the money they earn via exporting oil into a sovereign wealth fund that buys stocks in companies not based in Norway. It is equivalent to puting the money aside and investing in the stock market to grow that money. The dividends they earn each year are then given to the Norwegian government
@@glendisshiko8182 How does that help the Norwegian people?
@@joshualeonpearl3724 The Norwegian people got access to free healthcare and high quality educations. Alongside other benefits like social housing.
Those projects are funded by the profit they got from the Sovereign Wealth Fund.
As a citizen of Suriname I’m very excited for my neighboring country 🎉
Good neighbors
As citizen of suriname to be specific in the very west of suriname near guyana I'm also very excited
Guyana is using oil as a stepping stone to grow the local and traditional economies. They are not totally dependent on oil.
I hope they don't make the same mistake as Nauru
or Iran, Venezuela, Libya or many many others
Or, Alberta, Texas, the Yukon, or Alaska.
Or the UK
@@firefox39693 nah those are good you’re just american
@@joaopk6263 Alberta, Alaska, and Texas have wasted trillions of dollars of coal, oil, gas, and other resource wealth during the entire time they've each been producing coal, oil, and gas. The Yukon was a libertarian hell hole during the Gold Rush.
Billions of dollars were made by some, and thousands of people died in the process.
Now, the territory has little gold left, thus little money to become like Norway.
seems like Suriname also has some oil in its territory. they already had the dutch disease, now they have the resource curse too.
He keeps saying it's tiny. It's about 1.6 times the size of England in terms of land mass. It's only tiny in terms of population.
@xzcvdf xzc the average size of a country is 657,018 km², Guyana is 214,969 km².
@@jacquardloomworks4892 well I have news for you we are bigger than many countries in europe including England
This is why the UK got rid of visa restrictions on Guyana & has been investing so much
As a member of the Guyanese diaspora that had to leave during independence, if the IMF forecasts came true, I'll be booking a ticket back there in 2027.
Go in 2027 and you'll miss the boat.
@@chrissmith7259 good thing I'll take a plane🤣
If you know wah good fah yah. Yah beta stay deh in de cold. Come back to Guyana? You gotta be crazy. Lol.
@@ianbynoe6515 I don't know what's good for me 🤣 that's why I gotta find out
@@chrissmith7259 🤣🤣 exactly you have to anchor now !!!
If their politicians have a heart, they should engage experts from Norway, following their lead.
Norway hasn't got a clue how to fend off the CIA because they're in Europe not South America
I mean our president is not bad. But sure!
I hope this works out for Guyana no country deserves to be poor
Meanwhile Suriname 💀
hay louise,we were never poor,we have been a middle income country for years now, world bank figures,and UN figures,so they must know some thing that you dont know.,
@amazon warrior I guess so... well, then it's a good thing I was wrong
Given the fact it is a coastal nation with a low population, if they can manage their new oil wealth decently, they can transform their country to a developed or close to developed country in a short amount of time
that’s the problem the government is incredibly corrupt and has no idea how to manage the newfound wealth to benefit the country
Really happy for Guyana brothers
No shit
Quadruple that of its neighbors, Guyana is going to leave Venezuela in the dust for obvious reason definitely putting Suriname to shame more than three times that of Brazil and 1/3 higher than Trinidad and Tobago. Guyana's fortunes have changed so incredibly quickly of Caricom's largest economies it is going to be interesting seeing how it becomes the second wealthiest per capita and second largest economy in the bloc. As a Trinidadian I am happy for Guyana's change in fortune and the prosperity of its people, I hope the Guyanese government does better than Trinidad in the long run when it comes to its oil wealth and don't abandon agriculture, the Universe knows what will happen when/if the Bloc's largest Breadbasket sees trouble in the future.
Guyana still lacks the political leverage to displace the other CARICOM heavy weights like Trinibago, Jamaica or the Dom Rep
but i do see your point if the rice exports drop it'd be catastrophic for the rest of caricom who barely grow anything. could belize be relied on to fill the gap?
@@gustykraken Dom Rep isn't a CARICOM member state it is just a observer state. Political leverage is kind of subjective however economically it will displace Jamaica by the end of next year Haiti by 2025. Many years are still ahead and the fortunes of any CARICOM's member states can change considering that in 2019 Guyana's economy was smaller than Barbados things change quickly.
@@gustykraken I don't think Belize can do it at least without risking its coral reefs, i think Suriname would have the better position but it is still up to time decide
@Zaydan Alfariz you listed countries which are richer than Trinidad and quite frankly I want to know where you get that 30% I live in Trinidad and I can assure you despite the nasty potholes and nasty landslip (plenty cause by a nasty company called WASA) way more than 30% of Trinidad's roads are paved should be no less than 80%. That 30% is some weird number you got there where did you get that number?.
All oil revenue needs to go into a wealth fund and all oil companies must be forced to invest in local infrastructure. Also, a lot of laws need to be streamlined with an independent judiciary for strong rule of law
here is hoping the best for Guyana. The US's next top oil supplier
...which implies CIA involvement which is _never_ good for a country
@@alanhat5252 i was going to say,i think he said in video, that it was relatively democratic. That sounds like "room for improvement".
The US is a net oil exporter. Has been for a solid decade.
@@christopherg2347 key word there is ‘net’ they still import oil, as they have done for centuries.
@@christopherg2347 US still import crude oil then turn it to refine oil
The graphic at minute 3:00 told me half of everything I needed to know concerning the dynamics of oil profits in Guyana. What I'd like to know is Guyana's relationship to the United States and indexes that don't just deal with nonsensical metrics i.e. GDP. What's their inequality index, their HDI, how are these profits translating as a benefit for not just the state but primarily and most importantly, the people.
I am a Guyanese. ANd so far it is not looking good. All the visa restriction that we have that were lifted has cause over 1000 to 2000 of the nurses to leave to the UK. If Canada takes their restrictions down, more would follow. Additionally, teachers are protesting for better pay as we speak. Guyana is one of the countries in the world that pays their workers the worst. THe two main oil companies in Guyana are ExxonMobil and CNOOC. Exxon IS SUCKING US DRY. Yes, they are making investments into the country, but they pale in comparison to the Chinese CNOOC company, which has a far smaller share in the oil extraction than the American Exxon Mobil. I REALLY REALLY HOPE GUYANA CAN TURN AROUND. The government prefers to bring in cheap labour than pay its citizens
As a Guyanese, I can say that while there is some improvement in infrastructure, that's it. Most of our oil is basically being robbed by ExxonMobil.
Good on Guayana, let’s hope no countries like US, UK or China etc interfere in their newfound success
Too late
That's a given
South America is the CIA's playground.
Imperialism dosen't exist outside Russia.
Lol the ones who found it was ExxonMobil….an American company there was no chance so wym
I have met several Guyanese pilgrims at the historic temple in my city here in India. Happy for them becoming the fastest growing economy. Hopefully my country can remain the fastest growing large economy for next couple of decades.
Everything is not always about India
@@alphan2262 Every comment I have read from you is about India. 😆
@@kth6736 not true at all
@@alphan2262 THATS KINDA WHY HE MENTIONED SOMETHING RELATED TO THE VIDEO TOO 😂
@@Xtemess that's the maximum we can expect at this point.
Why isn't Suriname affected if there is oil reserves in the sea near them?
@Zaydan Alfariz Venezuela
It’s virtually all within Guyanas economic zone so Suriname is just unlucky
@@sirsurnamethefirstofhisnam7986 Not exactly true. Suriname has recently also discovered an enormous oil field just off the coast. It just doesn't get covered in the news much
@@DruggedParrot provide links
I hope these new found oil reserves won't lead to political corruption
If Guyana spends that money wisely like in Education and Science research they could become a super power. They have to prevent corruption so that this money does not end up in the wrong hands.
They cannot the population is tiny
@@zochbuppet448 just becahse some thing is small doesn't mean it can't become something great
Everytime he calls Guyana tiny it throws me for a loop because to a Trini, Guyana is big lol 😅
Finally my beautiful land is getting some sort of recognition
I really hope that they do like Norway
Won't happen
we have done better than Norway so far, but only asses expect to see all Guyanese instantely well off like Norway in 2 yeare since the first payment of the oil money., I know norway done every thing instant, but we are only human beings so we can t do it.
Nope
If we combine the oil of Guyana and the surplus potatoes and whisky of Ireland, we will be unstoppable.
Yet the Minimum wage in Guyana is about USD$287.44.
7:03
There could also have been a party supported by and representing the Malay population of Guyana as well!
As a Guyanese, only the rich benefit, and companies for overseas
butcher you int no Guyanese for sure you are here to bring down the country and spread false information
Wishing all guyanese people a bright future for the country. I sincerely hope that more country have equal place in the world economically
Congratulations on your new found wealth and riches Exxon.
Speak my brother speak.thank u for such informative informations
Please make on Georgia too. They will have 10 percent gdp growth this year
Yeah but not because of economic miracle or because of oil but because many russians who fled from mobilization stayed in Georgia so its something you could barely make short on
Thanks for doing a review on Guyana 🇬🇾
Very Interesting content
My favorite rum comes from Guyana, always liked those guys lol
Best of Luck Guyana🤝
Looks like Venezuela might start to go harder on its claims to Essequibo. As we can see in the map at 2:00, more than half of Guyana is disputed territory, with lands west of the Essequibo river being claimed by Caracas.
That territory that you mention was taken by United Kingdom by force from Venezuela, then, through a sham deal, they stole that land like vulgar thieves.
The British would never steal land.... 😅
to be fair, judging the map at 3:00 about 33% of the oil comes from west of the essequibo river.
and if a settlement that includes pomeroon is achieved most of the discovered oil would go to Guyana still, which is kinda fair as most zones claimed by Venezuela on land are sparsely populated (besides pomeroon)
@@endless2239 to be fair, can you give me 33% of all your money? that's just 1/3 of everything you own. To be fair.
@@andreluismarin8095 '😂😂
When you said Guyana is "tiny," maybe you were referring to its population and not its size, because Guyana is 83,000 Square miles or 215,000 km² which is bigger than England and Scotland put together.
Guyana isn't a small country, it's much larger than Ireland, Scotland, England, Portugal etc.
@Kieran the average size of a country is 657,018 km², Guyana is 214,969 km².
@@jacquardloomworks4892 there's only 38 countries that are bigger than 657,000 km2. out of ~195
guyana is 83rd out of all the countries in the world. a bit above belarus
for reference belarus is the 13th largest country in europe, out of ~50
This is really good for this country especially the fact it has been rates very low for some time. But its lower than average population did save it from total disaster.
This is good for the country and its citizens,unfortunately quite a few do not understand that the oil wealth does not flow straight into their wallets by sitting at home and twiddling their thumbs.Go out to earn a daily income to your skill set.Students stay in school and get that higher education so that you may be able to compete for jobs in the oil industry and the spin off businesses. Also,the government has so many training initiatives on the go.
There are advertisement for trained & skilled labour force,if you cannot meet the criteria you can't get out of the starting block.
Rise up Guyanese and earn your place in the progress of your country.
exactly
To say Guyana is a tiny country (2:00) is true for population, but not so true for land area.
It's ~214,000 Sq km, quite similar to the UK (~240,000 Sq km).
uk is small
UK is a tiny country, by land area.
@@jackvalior More like average
the UK is also a small country
@@tauceti8060 the actual average for all countries is around 650,000 Sq km
so msot definetly both countries are below average
Venezuela is an example of politics worsening Dutch disease.
As a Guyanese I can confirm that those in the comments are very bias towards their losing party
Video up to 2 minute mark is basically a single statement repeated 4-5 times (usually not even in a different way)
2:18
Unless you have Barbados.
When I saw the Thumbnail, I knew it had something to do with oil or Gas.
The government in Guyana can pay their expenses just with the taxes of the oil. They could drop all other taxes to 0%. Pretty good
I can see the US taking a special interest in Guyana and trying to offer some kind of deal like they did Saudi Arabia it would also shorten export times due to it being on the same continent
now that would be good,as we send half of our oil the the EU,
2:51
Hmm.. did someone said *OIL*
We will see
Watch out, Venezuela and Suriname will try to split Guyana in half.
As Venezuela should
@@zidane8452 Georgetown itself could be a condominium.
@@revinhatol yea ok?
@@zidane8452 Joint Surinamese-Venezuelan occupation.
As a typically cynical Guyanese (where Guyana's future is concerned) I'm hopeful and frankly optimistic that the country will be successful with its new found wealth. Here's why ... this is SOOOO MUCH wealth that even if the "usual suspects" line their pockets and misappropriate it, (a nice word for THIEFING! lol) enough will filter down to make the country and its people prosperous. Remember, it's a small country (literally) and a EXTREMELY small population. So ... PER CAPITA there is enough wealth for success DESPITE the potential (and inevitable?) for rampant corruption and mismanagement.
It only looks small because of the neighborhood. It's 4 times switzerland and a third of the size of Ukraine
But its population is around 800,000.
They obviously meant small in population… yeah sure they’re 4 times larger than Switzerland but their entire population is smaller than Zurich and maybe even Geneva 😂😂
Guyana's small
Venezuela is in a similar boat. Except there wasn't a great GDP increase.
Resources do not guarantee wealth, no resources do not guarantee doom.
My country is one of the smallest in the world with NO resources at all.
But we are one of the richest country in the world, one of the 4 Asian Tigers and a global financial hub.
Congratulations, Guyana! Hopefully oil won't corrupt their country.
😂😂😂😂😂😂 when has oil never done this
The oil has already started to corrupt Guyana
The corrupt PPP are in charge so yes, the corruption started
Too late. Both of the main political parties already gave away the oil to Exxon. Both parties are corrupt
It's so sad my country (ethiopia) lost its place as the fastest growing economy, since the tplf declared rebellion. 😔
I hope we will regain back our double digits growth rates once the world economic crisis, major wars, Chinese stagnation, and ethiopian war reparations all ends, the end of the war is putting its positive effects as early as this month (less than a month after the war ended). 7.5 and 6.4 growth rates are not enough, at least for a country which used to get a 10 percent economic growth rates for 13 consecutive years
Do you/most Ethiopians blame the Tigray people for the conflict?
was that CIA meddling again?
@@alanhat5252 JSOC
@@chucksingh9339 tigrayan people were the ones who led the country when it saw those %10+ growth every year. Now that they are removed the country isnt growing as fast.. not surprising!
This "tiny country" is almost as big as the uk, but yes, of course if we are talking population, it is pretty tiny
Almost as big as the UK with a population smaller than Manchester 😂
@@bababababababa6124 That’s a good thing 😅
@@natenae8635 yea good thing so thru will stay more unknown and irrelevant
@@zidane8452 No they’ll have more oil money to go around it’s citizens. Unlike Britain which famously gained little per capita for its stock of Fossil resources.
Saudi was once irrelevant and look at it now. Plus there is no point in gain relevance on the global stage when they can better be a region power as they have a large population for the Caribbean region.
lets gooooo. yes
Don’t let the numbers fool you, the situation on the ground is different and far more nuanced than this.
5th generation oil field, still live in the Marcellus/Utica shale, oil is a fantastic blessing. The money needs to be invested in first adjacent industries, manufacturing, chemicals and financial then transition to make oil a smaller part of the GDP like Norway.
Blessing till climate change f*cks it up
guyana suddenly starts denying climate change
@@splashnskillz37 I don't know about you but it is hard to be a third world country worrying about today's issues compared to 20 years down the road. If the hold their E&P companies to the same standard American companies are, replacing 1 millions barrels of oil from Russia or the Middle East is a huge win.
People need to hold these political parties accountable for their lack of response to the working class and their nepotism
1$ GDP to 2$ GDP = 100% growth
@Zaydan Alfariz they've just got to avoid the mistakes of Iran, Libya & Venezuela. USA involvement in all of them.
@@alanhat5252 you mean not steal oil that they sold?
Not close. The GDP (capita)went from Morocco to near-Western levels. Sadly not much of it goes to the people....
The western border is formed by the low-water mark on the left bank of the Corantijn, from origin to mouth. The border therefore runs from a point yet to be determined on the southern border to the origin of the Boven-Corantijn, then from this origin along the low-water line on the left bank of the Boven-Corantijn and the Corantijn to the point where the shoreline in the coastline and from this point along a line with a direction 10 degrees east of True North through the territorial sea, without prejudice to the rights accruing to the Sovereign Republic of Suriname as a coastal state under international law in the part of the territory bounded by the continuation of this line the sea area.
There is no New River. The name of New River is Boven Corantijn.
A river has an origin and an endpoint.
The origin of the Corantijn River is at the Boven Corantijn in the south of Suriname and Guyana and the terminus is at the mouth in the north at the Corantijn River.
The entire length and width of the Boven Corantijn River in the South to its mouth in the North in the Atlantic Ocean is Surinamese territory.
Freedom is coming to Guyana
I hope the corrupt government doesn't squander the money & the opportunities for Guyana. It has the potential to be the Dubai of the Caribbean.
don't be daft, it's in the CIA's playground.
The government of today is already squandering the money that's being given to Guyana because all they care about is pleasing their friends and family and lining their own pockets rather than giving the people what rightfully belongs to them, plus their supporters don't seem to give a rat's behind about what's going on. Also, if Guyana does manage to somehow get itself out of this hole we've dug for ourselves from the very beginning with all this race baiting and people denying basic facts preferring to be ignorant and illiterate, we shouldn't aspire to be like the Middle East, especially countries like Qatar or Saudi Arabia, just to give two examples of countries that constantly trample on human rights in favour of religious dominance (in Guyana's case, racial dominance), but we should be taking examples from countries like Norway, Sweden, and Finland (just to name a few) on how we should treat the general population, and that is with respect and dignity and not continue to fight over race.
@Zaydan Alfariz like hell it is
@@Alexi-Raener93 Yes it should not aspire to be the middle east but aspire to be Norway/ Sweden
Dubai of the Caribbean? They ain't even Caribbean to begin with and they will never be no Dubai than just stay being a third world country (no disrespect)
I did a presentation on this very topic a few years ago, for an economics paper at uni.
At the time, the discovery was still fairly new, and drilling hadn't started, and my team was looking at how Guyana could avoid the resource curse.
They need to keep their investments in foreign currencies (i.e. the US dollar) to avoid driving the value of their own currency up too much, and work on transparency around what the money is used for.
That's never going to happen with the current government.
This is such an interesting situation because it can go one of two ways. It can either go the way of Saudi Arabia and become rich, or squander it all and become like Venezuala. This one is seriously a coin flip. It just depends on how much corruption is involved, and there will be shitloads of corruption. I lived in Guyana in 1995 and it was a mess. I am hoping that all that oil money will get invested into infrastructure projects because Guyana needs to redo its entire infrastructure system. If they could clean up Georgetown massively and turn it into a tourist destination it would be the best possible outcome.
Any country can have a high GDP. What's important is the GNP. That gives you an idea of how well the GDP is working for the citizens.
From a mathematical and statistical perspective, Growth is not what you make it to be. When you are close to zero, any gain translates to a huge change in percentage... but as you reach you maximum capacity the same gain would hardly be visible on the percentage radar. You need to change the way you make these assessments. % GDP growth is a one-dimensional performance indicator that does not mean much on its own.
which is why you shouldn't trust your own government when they quote it.
Least to say this obsession with growth full stop frames countries as corporations as opposed to social organisations, which means most people accept the fact that money speaks more than cultural flourishing and sustainability
Guyana: Look at me! LOOK AT ME!!!
America: I am. What???
Guyana: I am the captain now
Economic growth does not necessarily mean a better life or living conditions or anything like that, and originally wasn't meant to, before Politicians started using GDP for getting elected. Sometimes it can actually make that worse.
The investors are make the money and exporting it north
Guyana, well done for your immense growth, even gulf states haven’t experienced this type of growth 🇬🇾 … I just hope that they spend their oil money wisely and not like my dumb country 🇳🇬😂😂
Nigeria is basically hydrocarbon companies' "female dog"
I worry Guyana will be like it’s neighbour Venezuela and spend it all too quickly and not invest in the future for when oil prices reduce
@@sirsurnamethefirstofhisnam7986 to be fair, it seems like they're doing the right thing (so far)
@@sirsurnamethefirstofhisnam7986 Venezuela is battling the CIA, they were doing fairly well under Chavez, Maduro isn't so strong. (Guaidó is the CIA's puppet).
@@sirsurnamethefirstofhisnam7986 I hope they look at Venezuela and tell themselves to be nothing like them. Glad they've adopted the one Norway policy mentioned here.
This is the reasons that all Nations of the world trying to makes friends with Guyana Government. Everyone around the world is going to invest in Guyana economy especially The GCC Nation. The Persian Gulf Nations.
the oil was sold off to ExxonMobil in an under the table contract for a few million dollars, the oil money that the country will see is non existent, it belongs completely to ExxonMobil
God.bless.Guyana.
6:33 Norge is hard G, Nor-geh
Freed from the shackles of the British Empire
Will encourage the spread of english language in the region
Guyana is more close to the other English speaking Caribbean island anyway
@@moniho6907 it's not at all. Stop following up that propaganda
@@zidane8452 they are!!!
@@moniho6907 they have nothing similar with the caribbean. How are they caribbean when it's a bunch of Indians?
Fast growing encouraging towards I wonder why only one set of people.are getting the worth of the ?
"Foreign super-majors do not care all that much about ... political or economic stability." Yep.
Wow Venezuela is so high in oil ranking but it doesnt look rich
Jim Jones!
Invest the revenue to weather the bust years. Trade oil in a different currency?
Take it from a Guyanese, the only thing growing here is the bank accounts of the political oligarchy. Inflation is off the charts and without bribery you can't get anything done that is government regulated. The second thing growing fast is corruption.
One VERY important variable is missing here that will help avoid the Dutch curse : USA geopolitical strategy. The US is agressively seeking to limit it's dépendance on non-friendly oil producers. Guyana (and it's massive diaspora) is a generally pro-American, generally stable and democratic, and provides an opportunity for the US to have a strong ally in the south American continent. The US will not let Guyana turn to Venezuela. It's no suprise to see Secretary Blinkin himself inviting the Guyanese government to Washington. This alone, for me, guarantees Guyanese success.
oooo look at me I'm Norway I'm perfect
I didn’t know Exon-mobile was a Guyanan company. So how will the profit come back to them?
@Zaydan Alfariz what do you mean by BIA and BSP? I’m not too smart what is the system in Brunei.
@Zaydan Alfariz ahhh I see thanks for explaining 🙏. Honestly a 50%-50% split is not great when it’s that country’s natural resource. That’s disgusting that they’re able to do that. Shell has done so many horrible things. It should all be owned by BIA.
@@davidmichels5295 Brunei is hardly the nicest country either, it's basically the UAE or Saudi Arabia of South-East Asia
@Zaydan Alfariz I hope Exon doesn’t ruin this countries chance at making their people have better lives.
The word is Guyanese...Exxon is extracting most of the oil in Guyana.
0:35 Guyana is about the same size as the UK. Would you call the island of Great Britain tiny?
well... yes
Yes, cuz it's tiny
Small country is Small
The uk is tiny on the world scale
Well, Guyana has 800k people and UK has 60 million
He keeps saying Guyana is so tiny and it's bigger than Great Britain.
Growing economy = alot needed to grow
Guyana is small in regards to its population.