'Genetic Boom' 670,000 Won Per Capita... The Poorest Country Achieving an 'Economic Miracle'

Guyana, One of the Poorest Countries, Experiences 'Economic Miracle' After Oil Development
670,000 KRW Support Payment Per Citizen Domestically and Abroad

Guyana, a small country in Latin America, plans to return a portion of the revenue earned from oil development to its citizens. As a result, Guyanese citizens will receive an amount equivalent to approximately 670,000 KRW per person.

On the 6th (local time), the British daily The Guardian reported that the Guyanese government plans to pay 100,000 Guyanese dollars (about 670,000 KRW) per person to citizens aged 18 or older who hold a valid passport or ID, both domestically and abroad. Eligibility for this government support includes Guyanese nationals residing overseas. However, to actually receive the amount, it is necessary to temporarily return to Guyana.

ExxonMobil's offshore oil drilling platform under construction near the coast of Guyana. Photo by Reuters and Yonhap News Agency

Initially, the Guyanese government planned to pay 200,000 Guyanese dollars (about 1,340,000 KRW) per household, but after concerns were raised that individuals not forming households would be excluded, the plan shifted to payments per person. Public opinion on the support payment decision is reported to be favorable. Mohamed Irfaan Ali, President of Guyana, praised the move, saying, "The per-person profit payment also addressed the concerns of young people." It is estimated that there are currently 800,000 citizens in Guyana and 400,000 abroad.

British naval ship dispatched to Guyana at the end of last year. [Image source=Official website of the Royal Navy]

Once considered the poorest country in Latin America, Guyana entered a completely new phase after a large oil field was discovered in 2015. As foreign resource conglomerates began developing the Guyana oil fields, the economy has tripled in size since 2019, experiencing record economic growth. Thanks to the oil fields, Guyana has enjoyed a boom, but geopolitical tensions caused by this are gradually rising. Neighboring Venezuela held a referendum at the end of last year to annex the Essequibo region, part of Guyana’s territory, into its own territory, which passed with 95% approval. This has raised concerns about the intensification of territorial disputes between the two countries.

The area accounts for as much as 74% of Guyana’s land and is known for its valuable resources such as oil and gas. Venezuela has claimed this area as its own territory since gaining independence from Spain, and conflicts have intensified since the oil discovery. Guyana was once a British colony and gained independence in 1966; at the end of last year, the British Royal Navy dispatched a warship to waters near Guyana. The UK supports Guyana, its former colony and current member of the Commonwealth, in the territorial dispute between the two countries.