Which economies do you think have grown the fastest this year? Perhaps your mind immediately gravitated to countries within the G7 or the BRICS.  

According to the International Monetary Fund, a country with a population of 800,000 recorded the highest growth rate this year 

The real gross domestic product of Guyana, a country located on the north-eastern coast of South America, is expected to have grown by 38.4% in 2023. Oil production was the main factor behind Guyana emerging as a significant economic force.  

The oil and gas company ExxonMobil discovered oil deposits, with an estimated total volume of up to ten billion barrels, off the coast of Guyana eight years ago. The oil deposits have fueled many things, including a flare-up of tensions with Venezuela. The neighboring country claims most of the waters off the coast of Guyana.  

By economy, Macau in China outperformed Guyana this year. The Chinese Special Administrative Region of Macau enticed vibrant entertainment and commerce through 2023. Tourism, gambling, and real estate were the major industries which helped Macau’s gross domestic product surge 74.4%. 

Information for this article was provided by Sherman Portfolios. 

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