Essequibo: How Guyana went from being one of the poorest countries in America to the fastest growing country in the world (and why the territory claimed by Venezuela was key)

Image source, Getty Images

For many decades, it was the second poorest country in South America, after Bolivia. Today it is the fastest growing economy in the world.

Guyana is perhaps one of the best examples of how the discovery of hydrocarbons can be transformative for a small country.

Nearly a decade after the discovery of large oil reservoirs on the coasts of the world Essequibo, a territory administered by Guyana but claimed by VenezuelaInfrastructure projects and foreign investments in this northern South American country have reached their peak.

Expectations are high. Guyana is expected to join, as Qatar and the United Arab Emirates have done, those countries with some of the highest per capita income rates in the world.

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