Guyana's real GDP growth rate was 20% in 2021, with a real GDP of $5.5 billion.
The world's top five fastest-growing economies in terms of real GDP growth rate were Libya, Maldives, Guyana, Macau, and Aruba in 2021
COVID-19, the Russia-Ukraine war, and rising inflation have caused a slowdown in the global economic growth
Overview of Guyana’s Real GDP Growth Rate
Guyana was the fastest-growing South American country, with a growth rate of 20% in 2021. The real GDP of Guyana grew to $5.5 billion in 2021 from $4.6 billion in 2020. Guyana's economy rose at a CAGR of 8% between 2010 and 2021.
Outlook on Global Economy Growth
Real GDP growth is GDP’s annual percentage growth rate at market prices based on constant local currency.
In terms of real GDP, the US, China, Japan, Germany, and India are the world's top five economies. The US is the largest economy in the world, with a real GDP of $18.7 trillion in 2021, which rose 5.7% over the previous year. China is one of the fastest-growing economies; it grew at a CAGR of 7% between 2010 and 2021.
Factors Affecting the Global Economy
Rising Inflation and Interest Rates:
As a result of rising inflation rates in both developing and advanced economies, central banks have been forced to tighten monetary policy and raise interest rates to keep prices from rising. However, a steady increase in interest rates could cause financial distress in some economies.
A rise in COVID-19 cases:
As a result of Omicron, a new variant of COVID-19, more cases have been reported worldwide, resulting in the disruption of supply chain management. However, the global vaccination drive has reduced the fatality from COVID-19.
Russia-Ukraine war:
Global economic expansion will be hampered by a protracted conflict between Russia and Ukraine. Due to the war, trade and investment have suffered because Russia has been subjected to economic sanctions, and several major corporations have ceased operations there.
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