(Bloomberg) -- Guyana’s economy will expand 38% this year as a wave of oil wealth transforms the South American nation, the International Monetary Fund said Monday. 

Massive offshore oil deposits first drilled by Exxon Mobil Corp. in 2015 have allowed the economy to quadruple in size over the last five years, with rapid growth projected to continue for some time. 

“The outlook for medium-term growth is better than ever before,” the IMF said in a report. “Oil production will continue to expand rapidly as three new approved fields will come on stream between 2024-27, and a sixth field is expected to come on stream in the first half of 2028.”

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The oil deposits are so large relative to Guyana’s population of 800,000 that some projections show the nation overtaking Kuwait to become the world’s largest per-capita crude producer.

Guyana, South America’s only English-speaking nation, has passed laws to set up a sovereign wealth fund, and is boosting spending on education, health and infrastructure, according to the government.

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