There is a boom or bust history of economic activities in the Iwokrama Forest and nearby communities. This has led to periods of intensified use of the forest followed by lulls. The lack of sustained economic growth in the region has led to unplanned 'survival' businesses such as the exploitation of wildlife to Brazil.

Balata Bleeding
The Balata, or Bullet Wood, is a tree that produces a natural latex extracted by cutting into the tree. In the last 100+ years, the Iwokrama Forest area was visited by balata bleeders (harvesters) from all around Guyana. There was even a trading post at the northeastern end of the Forest.
By 1968, the balata industry began to wane, but some balata bleeders continued the practice. The majority of Rupununi families depended on seasonal income from balata bleeding to supplement their subsistence needs. By the 1970's the balata market had collapsed, leading to intensified sale of wildlife species.

Gold Mining
Gold has been produced in the Iwokrama Forest on the Siparuni and the Essequibo Rivers, but cost and access prevented it from becoming a viable industry. The Siparuni River had been prospected as far back as 1891 and work on a small scale carried out until 1897. In 1933, production of gold resumed on the Siparuni and peaked in 1936 when 5,408 ounces were produced from the confluence with the Essequibo.

Rupununi Cattle Trail
The cattle business in the Rupununi Savannahs began in the late 19th century with the arrival of European settlers. Between 1919 and 1953, the main trail for cattle trade between the Rupununi region and the coast cut through present day Iwokrama Forest, as the Essequibo River was not completely navigable. Vaqueros and other local people were more frequent users of the Iwokrama Forest area during this period. The present day families of the village of Fairview, located within the reserve, moved to the area in height of the cattle trade. The cattle trail closed in 1953.

Local Cattle Trade
Cattle destined for trade with the Patamona communities northwest of the Forest were sometimes driven through the area. A few related men would make the journey, each taking a few head of cattle. They exchanged cattle for the valued Maionkon cassava graters that came into Guyana from Venezuela. These graters were then widely traded within the larger Rupununi area.

Contraction of the Economy from the 1970's
In 1969, two and a half years after Guyana's independence, ranchers led an effort to create a separate state in the Rupununi. The national army swiftly crushed the rebellion, carrying out what amounted to a scorched earth policy, burning down all cattle trade infrastructure. The Rupununi Uprising marked a watershed in the history of the entire region since cattle ranching, still the mainstay of the economy, declined sharply afterward.
The State also confiscated cattle, so many local people became involved in the cattle rustling for sale in the neighbouring state of Roraima in Brazil. As a result, Rupununi cattle stocks have been decimated.
At the same time, the economy of Roraima began to expand exponentially, and attracted seasonal and permanent migration of manual workers and entire families from the communities nearest to Brazil. Brazil is still a main source of employment for migrant labour from communities south of the Forest.

Commercial Agriculture
In the post-Uprising period, the State encouraged commercial agriculture such as peanut farming, and produce was shipped by air to the coast. Many households converted mix-crop farms into peanut production. However, the peanut market collapsed in the 1980's leaving farmers without agricultural cash source and many farmlands significantly eroded. Furthermore, the scale of peanut farming was never enough to substitute for the loss of income from balata and cattle ranching.

Increased Wildlife Trade
In the 1970's and 1980's, several, now endangered, animals and birds in the North Rupununi were severely depleted for the wildlife trade. Parrots and other wildlife were trapped for the pet trade centred in Georgetown. The sun parakeet, once populous in the area, was trapped to local extinction. Brazil was the main market for salted Arapaima, Giant River Turtle meat, Black Caiman and River Otter skins and other animal products.

 
Sport Hunting
In the 1970's and 1980's Brazilian and Guyanese sport hunters became increasingly familiar with the North Rupununi landscape. In the absence of a local regulatory agency or other wildlife protection resources, many types of animals were hunted throughout the region's rivers, swamps, forests and savannahs. Some of the sport hunting formed part of the economic base of the surviving ranchers.

Beginning of Modern Scientific Exploration
In the mid-19th century, brothers Richard and Robert Schomburgk travelled throughout Guyana including the Iwokrama Forest / Rupununi region to define and explore boundaries between Guyana and Brazil and make ethnographic and botanical collections for the Royal Museum and the Botanical Gardens at Berlin. Robert Schomburgk designed the first official map of Guyana and evaluated the boundary on the western and southwestern side of Guyana, later to become Guyana 's official boundary, called the Schomburgk line. These boundaries were to be the cause of much dispute between Guyana, Brazil and Venezuela up to the present day.