With a population of 758,000, Guyana is the third smallest country in South America. It is at once considered a middle-income country and the third poorest in the Western Hemisphere.
Is Guyana low or middle income country?
Guyana is a middle-income country in South America endowed with natural resources, fertile agricultural land and extensive forests. As a natural resource-based economy, the country is highly susceptible to climate change and fluctuations in global commodity prices.
Is Guyana in upper middle income country?
Guyana now rated as upper middle class economy …according to World Bank 2016 classification. In the wake of the discovery of further oil reserves in the Liz- 2 well, Guyana has moved from a lower middle income into the upper middle income classification.
What is considered a middle income country?
According to the World Bank, middle-income countries (MICs) are defined as economies with a gross national income (GNI) per capita between $1,036 and $12,535.
What is the average income in Guyana?
In 2019, the national gross income per capita in Guyana amounted to around 5.1 thousand U.S. dollars, up from 4.7 thousand U.S. dollars per person in the previous year. In the all of the Caribbean and Latin America, the Bahamas and Puetro Rico have the highest GNI per capita in the region.
Is Guyana the fastest growing economy in the world?
Guyana is a middle-income country and has one of the highest emigration rates in the world. … With a projected 16.39% growth in 2021, Guyana is among the fastest growing economies in the world. Its GDP of $5.76 billion in 2020 is expected to expand to $7.25 billion in 2021 and enter the double digits by 2023.
What is middle-income in Guyana?
With a per-capita income of $5,194, Guyana is a middle-income country and is covered by dense forest. It is home to fertile agricultural lands and abundant natural resources. Gold, bauxite, sugar, rice, timber and shrimp are among its leading exports, Bajpai said in the report published on Thursday.
What religion is in Guyana?
According to the country’s 2012 census, 64 percent of the population is Christian, 25 percent Hindu, 7 percent Muslim (mainly Sunni), and less than 1 percent belongs to other religious groups. Groups that together constitute less than 1 percent of the population include Rastafarians and Baha’is.
What are the upper middle-income countries?
This group consists of 12 following countries: Algeria, Angola, Botswana, Brazil, China, Gabon, Libya, Mauritius, Namibia, Seychelles, South Africa, Tunisia.
What is the meaning of middle income trap?
The term middle-income trap (MIT) usually refers to countries that have experienced rapid growth and thus quickly reached middle-income status, but then failed to overcome that income range to further catch up to the developed countries.
Is United States a high income country?
The World Bank defines a high-income country as one with a gross national income per capita exceeding $12,056. … Some of these countries, such as the United States, have consistently held this classification since the 1980s.