Synopsis "Business Opportunities in Guyana"
The Country: Located on the North East Atlantic coast of South America bordered by Venezuela, Suriname, and Brazil, Guyana is the only English-speaking country on the continent. Although geographically a part of South America, Guyana boasts cultural and political ties to the Caribbean; its capital Georgetown hosts the Caribbean Community's (CARICOM) Secretariat. Guyana is roughly the size of Idaho and claims a population of around 777,900, 80 percent of whom live on a narrow, fertile coastal plain. The interior remains sparsely populated and features intact rainforests and savannahs. The Economic Environment: The World Bank calculated GDP for 2012 at US$2.85 billion with a per capita GNI of US$3,400, based on the purchasing power parity model. Based on its GDP, Guyana remains one of the poorest countries in the Western Hemisphere. The World Bank reported annual GDP growth for 2012 as 4.8 percent. The mining and quarrying, agriculture, and manufacturing and services sectors contributed to that growth, while the inflation rate for 2012 was 2.39 percent due in large part to rising fuel and food prices. Net international reserves at the end of 2012 stood at US$864.0 million, compared to US$801.8 million for 2011. According to the World Bank, in 2011 (the latest available figures), Guyana received US$373.1 million in remittances, which represented 14.5 percent of Guyana's GDP.
