GEORGETOWN, Guyana, (DPI) – The World Bank Caribbean director, Lilia Burunciuc, stated that Guyana’s rapid economic and social changes over the past five years are “remarkable,” highlighting significant growth, improved infrastructure, and an emphasis on human development.
Burunciuc made this disclosure on the ‘Investing in the Future’ podcast on Tuesday. Also participating in the discussion was senior minister in the office of the president with responsibility for finance, Dr Ashni Singh.
Having served in her role for the past five years, Burunciuc said Guyana was the first country she visited upon taking up the post, at a defining moment in its history.
“It was the moment Guyana discovered oil and was preparing to receive the revenue. It was still one of the lowest-income countries per capita in the hemisphere, but I could feel the change in the air.”
Five years later, she said, the transformation is unmistakable. Despite the country’s oil wealth, Burunciuc stressed that its long-term success will depend on investment in people.
“The biggest asset the country has, even with oil, is its people. It is human capital,” she said. Pointing to global evidence published in the World Bank’s Wealth of Nations analysis, which shows that as countries move up the income ladder, human capital becomes an increasingly dominant share of national wealth.
“The higher a country moves up, the more important human capital becomes,” explained Burunciuc, pointing to major infrastructure developments as visible signs of progress. “When I arrived two days ago, I saw the very nice bridge with lights above it. This is new. It wasn’t there before,” she said.
The World Bank Caribbean director highlighted new developments near the airport, including a Marriott hotel, and ongoing road reconstruction along the East Bank. Burunciuc emphasised that less visible investments, such as improving education systems and strengthening institutions, will have a lasting impact. “These will create opportunities for Guyanese people for the future to come,” she said.
In addition, the government and the World Bank placed increasing emphasis on climate resilience, particularly given Guyana’s vulnerability to flooding.
“You can build new roads and houses, but if they are flooded, you have to start building everything from scratch,” Burunciuc warned. “Investing in resilience preserves the gains the country has made.” She pointed to the Liliendaal pump station, which has significantly improved drainage and helps recede floodwaters quickly along the East Coast.
Senior finance minister, Dr Singh, said Guyana has historically faced persistent challenges linked to its geography. For decades, he explained, the government invested heavily in sea defences, including the expansion of the seawall to protect against the Atlantic Ocean, as well as drainage and irrigation systems.
While progress has been steady, he said, physical constraints meant improvements were often incremental. In recent years, however, the pace of development has increased significantly.
“What we have been able to do in the past five years is dramatically accelerate our investment in building a more resilient Guyana,” Dr Singh said, highlighting major investments in drainage and irrigation infrastructure, supported by the World Bank, including water resource management systems and flood risk reduction projects.
The government is also working with the World Bank under a unique arrangement to manage climate revenues earned through Guyana’s Low Carbon Development Strategy (LCDs), channelling funds into resilience projects across the country. These include large-scale initiatives such as the construction of new canals aimed at reducing flood risks along the coast.
Coupled with rapid infrastructure development is economic expansion, which has created a surge in employment opportunities, creating new demands on the workforce.
“We have more jobs being created than at any other time in our history, but these are new types of jobs, requiring new types of skills,” he stated, “the government has identified human capital development as its top priority and has designated the World Bank as its lead partner in this area. We want every Guyanese of working age to be able to take up a good-quality job, earn a good income and live a comfortable life,” Dr Singh said.
To achieve this, efforts are underway to expand access to education, modernise curricula and strengthen teacher training. The World Bank has supported the construction of schools, the rollout of educational technology and reforms at both the primary and secondary levels. At the post-secondary level, investments have also been made in specialised training, including the development of a medical school.
Meanwhile, for Burunciuc, Guyana’s trajectory remains one of the most striking in the region.
“I could only imagine what this country will be in another five or ten years,” she said.
While challenges remain, she noted that sustained investment in people, infrastructure and resilience will be key to ensuring that the country’s rapid growth translates into long-term prosperity.
“The foundations being built now will define Guyana’s future,” Burunciuc said.
