By Deanzer Roberts
In an extraordinary turn of events, Guyana’s economy has surged by an unprecedented 43.5% in 2024, driven by its booming oil sector. This remarkable growth trajectory places Guyana at the forefront of economic expansion within the Caribbean, making it the region’s standout performer. The country’s rapid economic progress has played a pivotal role in the region’s overall growth, which recorded an 8.8% increase in 2024.
Mr. Ian Durant, a leading economist emphasized the significant impact of this development, during the 2025 Annual News Conference held by the Caribbean Development Bank, noting that Guyana’s booming oil industry is not only fueling its immediate economic prosperity but also fostering the diversification of its economy. “While oil is the main driver of growth, the country’s efforts to diversify into areas such as agriculture, infrastructure, and human capital development are setting the stage for sustainable growth in the long term,” said Durant.
He further explained that Guyana’s success story offers valuable lessons to other nations looking to capitalize on natural resources. The economic transformation seen in Guyana, while impressive, is just one piece of a larger puzzle that includes strengthening governance, increasing investments in infrastructure, and developing the workforce to ensure the economy remains robust beyond its reliance on oil. Durant suggested that regional governments and international partners closely monitor these shifts as they seek to replicate Guyana’s success in their own countries.
He said Guyana’s approach to leveraging its natural resources for growth and diversification is seen as an essential model for future development since the caribbean faces challenges such as climate change and global economic volatility.
A Tale of Political and Economic Crisis in Haiti
Haiti continues to battle deep political instability and a worsening economic crisis as the country enters its sixth consecutive year of contraction. The nation’s inflation has soared, and widespread violence, particularly from gang activities, continues to exacerbate the situation, leaving the population vulnerable and the economy in shambles. As of 2024, the Haitian economy shows no signs of recovery, with GDP shrinking by 1.7%, driven by these chronic internal challenges.
Director, Economics Department at Caribbean Development Bank Ian Durant called attention to Haiti’s dire situation. “Haiti’s crisis is no longer merely an economic issue. The political chaos, compounded by escalating gang violence, has created a perfect storm that is making recovery nearly impossible. No amount of economic intervention can address the country’s issues without first stabilizing the political environment and ensuring security,” Durant stated.
Durant stressed that the international community has a critical role to play, not just in providing humanitarian aid, but in assisting with long-term peace-building efforts. He urged the international community to support Haiti’s political reconciliation and invest in strengthening its governance structures to create a foundation for sustainable recovery.
The economist also highlighted the importance of investing in education, health, and infrastructure as a means of addressing systemic issues that have kept Haiti in poverty for decades. Without these fundamental improvements, he warned that Haiti’s economic struggles would persist, deepening the social and political divisions that currently plague the nation.
