The small country reaping huge profits from the war in Iran
Guyana, a small South American country with about one million residents, has become the biggest winner of the war in Iran. According to a New York Times investigation, the surge in oil prices and disruption of shipping routes in the Middle East have propelled its expected revenues to $6.5 billion this year, more than double the original forecasts. Its economy grew by 33% in the first half of the year alone, the fastest growth rate in the world, and per capita income stands at about $32,000, higher than Chile and Uruguay. However, the article reveals a huge gap between the economic numbers and the reality on the ground: oil profits flow to a narrow elite, while the population grapples with soaring inflation, a housing crisis, corruption, and crumbling infrastructure. Open sewage flows in the capital's canals, and armed robberies have become routine. In July, a government ferry capsized, killing about 100 people, sparking a wave of angry protests. Additionally, Guyana has no active refineries and depends on fuel imports. Output stands at about 900,000 barrels per day, with a target of 1.7 million by 2030, led by Exxon Mobil. Guyana also faces a security threat from Venezuela over the Essequibo region, with the dispute pending before the International Court of Justice in The Hague.
Guyana, a small country in northern South America with about one million residents, has become the biggest winner of the war in Iran. According to an investigation published over the weekend in the New York Times, the surge in oil prices and disruption of shipping routes in the Middle East have propelled its expected revenues to $6.5 billion this year, more than double the original forecasts. Guyana's economy grew by 33% in the first half of the year alone, the fastest growth rate in the world, and per capita income stands at about $32,000, higher than Chile and Uruguay. However, the article reveals a huge gap between the economic numbers and the reality on the ground: oil profits flow to a narrow elite, while the population grapples with soaring inflation, a housing crisis, corruption, and crumbling infrastructure. Open sewage flows in the capital's canals, and armed robberies have become routine. In July, a government ferry capsized, killing about 100 people, sparking a wave of angry protests. Additionally, Guyana has no active refineries and depends on fuel imports. Output stands at about 900,000 barrels per day, with a target of 1.7 million by 2030, led by Exxon Mobil. Guyana also faces a security threat from Venezuela over the Essequibo region, with the dispute pending before the International Court of Justice in The Hague.