The Fastest Growing Economies in 2023

Guyana, located on the north-eastern coast of South America, is emerging as a significant economic force. According to the International Monetary Fund (IMF), the real GDP of this country with a population of 800,000 is expected to have grown by around 38.4 percent in 2023 (as at October 2023). No other country has recorded a higher growth rate this year. The main factor behind this development is oil production. In 2015, the oil and gas company ExxonMobil discovered significant oil deposits off the coast of Guyana. The so-called Stabroek block has an estimated total volume of up to ten billion barrels of oil. The oil fields play a central role in the current flare-up of tensions with Venezuela, as the neighboring country claims the region west of the Essequibo River and therefore most of the waters off the coast of Guyana.

The only economy to surpass Guyana's economic boom in 2023 is the Chinese Special Administrative Region of Macau. Known as the "Las Vegas of Asia", Macau has become a vibrant center for commerce and entertainment. GDP growth of over 74 percent is mainly driven by industries such as tourism, gambling and real estate. Government initiatives to diversify the economy and strengthen international partnerships have helped drive economic growth.

Gross domestic product growth is an important indicator of a country's economic strength. A look at global IMF forecasts shows that most countries are once again experiencing weak growth following last year's slump.