Guyana has avoided the ‘middle-income trap’ – World Bank report

Guyana’s oil resources have seen it transition to a ‘high-income economy’, as the World Bank reported that while this country sits with high economy countries many parts of the Caribbean and the region are struggling to raise their income levels.

Among Caricom countries, Jamaica was listed as upper-middle income as was neighbouring Suriname.

“Middle-income countries are in a race against time to raise their income levels. While several have a goal of reaching high-income status, since the 1990s, only 34 of 108 had succeeded at the end of 2023. Five of them – Antigua and Barbuda, Barbados, Guyana, St Kitts and Nevis, and Trinidad and Tobago – are in the Caribbean,” the World Bank yesterday stated in a release.

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