With a per capita gross domestic product of only $4,700 in 2006, Guyana is one of the poorest countries in the Western Hemisphere. This is evident from the contrast between poor slum areas and elite residential areas with imperious mansions, often built within a few miles of one another. The economy made dramatic progress after President Hoyte's 1989 economic recovery program (ERP). As a result of the ERP, Guyana's GDP increased six percent in 1991 following 15 years of decline. Growth was consistently above six percent until 1995, when it dipped to 5.1 percent. The government reported that the economy grew at a rate of 7.9 percent in 1996, 6.2 percent in 1997, and fell 1.3 percent in 1998. The 1999 growth rate was three percent. The unofficial growth rate in 2005 was 0.5 percent.In 2006, in was 3.2%.

Developed in conjunction with the World Bank and the International Monetary Fund (IMF), the ERP significantly reduced the government's role in the economy, encouraged foreign investment, enabled the government to clear all its arrears on loan repayments to foreign governments and the multilateral banks, and brought about the sale of 15 of the 41 government-owned (parastatal) businesses. The telephone company and assets in the timber, rice, and fishing industries also were privatised. International corporations were hired to manage the huge state sugar company, GUYSUCO, and the largest state bauxite mine. An American company was allowed to open a bauxite mine, and two Canadian companies were permitted to develop the largest open-pit gold mine in South America. However, efforts to privatise the two state-owned bauxite mining companies, Berbice Mining Company and Linden Mining Company have so far been unsuccessful.

Coordinates: 5°00′N 58°45′W / 5°N 58.75°W / 5; -58.75

Guyana (ⁱ/ɡaɪˈænə/ gy-AN-ə), officially the Co-operative Republic of Guyana, previously the colony of British Guiana, is a sovereign state on the northern coast of South America that is culturally part of the Anglophone Caribbean. Guyana was a former colony of the Dutch and (for over 200 years) the British. It is the only state of the Commonwealth of Nations on mainland South America, and the only one on that continent where English is an official language.It is one of the few Caribbean countries that is not an island. It is also a member of the Caribbean Community (CARICOM), which has its secretariat headquarters in Guyana's capital, Georgetown. Guyana achieved independence from the United Kingdom on 26 May 1966, and became a republic on 23 February 1970. In 2008 the country joined the Union of South American Nations as a founding member.

Historically, the region known as "Guiana" or "Guyana" comprised the large shield landmass north of the Amazon River and east of the Orinoco River known as the "Land of many waters". Historical Guyana is made up of three Dutch colonies: Essequibo, Demerara, and Berbice. Modern Guyana is bordered to the east by Suriname, to the south and southwest by Brazil, to the west by Venezuela, and on the north by the Atlantic Ocean.