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1 [1] (Updated April 7, 2025)

handle is hein.crs/gaanovw0001 and id is 1 raw text is: Congressional Research Service Inforrning the legislative debate since 1914 Updated April 7, 2025 Guyana: An Overview Located on the northern coast of South America between Suriname and Venezuela, English-speaking Guyana has characteristics similar to other Caribbean nations because of a common British colonial heritage (Guyana became independent in 1966). The country participates in Caribbean regional organizations, and its capital, Georgetown, serves as headquarters for the Caribbean Community (CARICOM), a regional integration organization. Once one of the poorest countries in the hemisphere, Guyana's development prospects have shifted since the discovery of large offshore oil deposits in 2015. U.S. and congressional interests in Guyana include trade relations and security cooperation. Guyana at a Glance Population: 799,000 (2024 est., IMF) Ethnic Groups: Indo-Guyanese, or those of East Indian heritage, almost 40%; Afro-Guyanese, almost 30%; mixed, 20°o; Amerindian, almost I 1°o (2012 est., CIA) Area: 83,000 square miles, about the size of Idaho GDP: $24.5 billion (2024, est., current prices, IMF) Real GDP Growth: 62.3% (2022), 33.0% (2023), 43.8% (2024), 14.4°o (2025, est.) (constant prices, IMF) Per Capita GDP: $28,920 (2024 est., current prices, IMF) Sources: International Monetary Fund (IMF) and Central Intelligence Agency (CIA), World Foctbook. Political and Economic Environment Guyana has a hybrid republican/parliamentary form of government, with a 65-member unicameral National Assembly. The presidential candidate of the party or coalition receiving the most votes becomes president, and the president appoints the prime minister and cabinet. Current President Dr. Mohamed Irfaan Ali of the People's Progressive Party/Civic (PPP/C) won the country's March 2020 elections, defeating incumbent President David Granger, who led a coalition consisting of A Partnership for National Unity (APNU) and the Alliance for Change (AFC). In the National Assembly, Ali's PPP/C took a majority of 33 seats, the APNU/AFC coalition won 31 seats, and a smaller party won the remaining seat. Marred by allegations of fraud, final elections results were delayed until August 2020 after a recount by a CARICOM team and multiple legal challenges by supporters of the previous Granger government. After his inauguration, President Ali appointed retired military leader Mark Phillips as prime minister and former President Bharrat Jagdeo (1999-2011) as vice president. Some observers contend that Jagdeo, who was constitutionally prohibited from seeking a third term, plays a key role in policy decisions. Guyana's next national elections are scheduled to be held toward the end of 2025. Political affiliations in Guyana are traditionally not based on ideological divisions but rather often fall along ethnic lines. The ruling PPP/C, which traditionally has been supported by Indo-Guyanese, governed Guyana from 1992 to 2015. The largest party in the opposition APNU coalition is the People's National Congress Reform (PNCR), which dominated the political system from independence until 1992 and draws support from an Afro-Guyanese base. The other main opposition party, AFC, identifies as a multiracial party. In the aftermath of the 2020 election crisis, some experts expressed concern about an increase in ethnic tension and called for the adoption of a more ethnically inclusive approach toward governing. Tensions are likely to remain ahead of the 2025 elections, according to Guyana's Ethnic Relations Commission. Oil Changes Guyana's Economic Outlook Guyana's economy traditionally was based on agriculture (rice and sugar) and mining (gold and bauxite), but the discovery of significant amounts of offshore oil bolstered the country's development prospects. The U.S. Geological Survey estimates that Guyana has reserves of 13.6 billion barrels of oil and 32 trillion cubic feet of gas. ExxonMobil leads a consortium that includes Hess and China National Offshore Oil Corporation and has been involved in oil and gas exploration in Guyana since 2008. Since 2015, the consortium has identified numerous commercially viable discoveries in the Stabroek Block, about 120 miles offshore. According to ExxonMobil, after five years of production, which began in 2019, production capacity in Guyana is expected to surpass 1.7 million barrels per day, with gross production growing to 1.3 million barrels per day, by 2030. Guyana's oil production enabled the country to withstand much of the economic fallout from COVID-19. In 2020, despite a global recession, Guyana's economy grew almost 44%, according to the IMF. From 2021 to 2024, economic growth in Guyana averaged 39.8%; the IMF predicts 14% growth in Guyana for 2025. In 2019, Guyana's National Assembly approved legislation establishing the Natural Resource Fund (NRF), a sovereign wealth fund for managing the country's oil wealth. In December 2021, the government approved legislation amending the NRF's regulatory framework, asserting the action would ensure more transparency and accountability. Guyana's 2022 budget was the first to benefit from NRF financing; according to the government, NRF financing supported infrastructure investments, including in energy and transportation, and social expenditures in health and :tps:/crsreport

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