Guyana’s economy will expand 38% this year as a wave of oil wealth transforms the South American nation, the International Monetary Fund said Monday.

Guyana’s economy will expand 38% this year as a wave of oil wealth transforms the South American nation, the International Monetary Fund said Monday.

Massive offshore oil deposits first drilled by Exxon Mobil Corp. in 2015 have allowed the economy to quadruple in size over the last five years, with rapid growth projected to continue for some time.

    • @[email protected]English
      4•1 year ago

      They’ve effectively already sold all their oil to Exxon for a pittance.

      Democracy is only necessary if the government were to do something terrible. Like: Nationalize the oil wells, or refuse to sell to American companies, or God forbid, demand a fair price for their oil.