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Significance
During previous commodity booms, involving sugar, the Guyanese economy saw GDP growth accelerated for 1-2 years before slowing as sugar prices reverted to their long-term trend. The current oil boom, however, is unprecedented: history offers the government no policy guidance.
Impacts
The risks of excessive, inefficient or corrupt spending will rise along with oil revenues.
In view of data gaps on poverty and other social indicators, it will be difficult to measure the impact of oil revenues on poverty.
The consortium led by ExxonMobil will continue to drill in new offshore blocks.
Keywords:
Guyana,
LA/C,
economy,
industry,
politics,
social,
corruption,
energy,
environment,
fiscal,
gas,
growth,
oil,
policy,
poverty,
employment,
infrastructure,
investment,
private sector,
public sector,
Fossil fuels
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2023
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