The Private Sector Commission of Guyana asserted to the IMF that unemployment is largely voluntary, with a 12% rate amidst economic growth. The PSC urges targeted training programs for the labor force and highlights significant increases in labor costs. Regulatory reforms in banking are necessary to support small and medium enterprises, while various sectors are witnessing strong growth, particularly in oil and gas.
During a recent meeting with a team from the International Monetary Fund (IMF), the Private Sector Commission (PSC) of Guyana highlighted the country’s economic growth, asserting that unemployment in Guyana is “largely voluntary.” Currently, the unemployment rate stands at approximately 12%, and the expansion of the economy, particularly within the oil and gas sector, has resulted in increased employment opportunities for many Guyanese.
The PSC emphasized the need for targeted training programs designed to equip the workforce with relevant skills to meet industry demands. The PSC further reiterated its position that, due to abundant economic activities generating job opportunities, unemployment can be considered voluntary.
Over the past four years, private sector labor costs in Guyana have surged by more than 60%, a reflection of the rapid economic growth and heightened demand for skilled labor. Komal Singh, Chairman of the PSC, informed the IMF that all economic sectors are experiencing growth, thereby increasing the demand for skilled workers.
Singh also pointed out available resources for job seekers, such as the Ministry of Labour’s Job Bank and the Diaspora Unit within the Ministry of Foreign Affairs. He commended government initiatives aimed at bolstering regulatory frameworks and improving the business environment through legislative changes, including arbitration laws and the implementation of single-window platforms for trade and construction.
Despite recognizing improvements made by banks to facilitate business operations, the PSC highlighted the continued need for regulatory reforms within the banking sector to support small and medium enterprises’ growth and financial stability. The IMF’s preliminary report following this visit noted that Guyana’s economic transformation is progressing rapidly, primarily driven by the burgeoning Oil and Gas Sector as well as advancements in the non-oil sector.
In summary, the Private Sector Commission of Guyana has informed the IMF that unemployment in the country is largely voluntary, attributed to the thriving economic environment and increased job opportunities. The PSC advocates for enhanced training programs and regulatory reforms to ensure that all citizens can benefit from Guyana’s economic growth, particularly in the oil and gas industries. Continued collaboration between the government and the private sector is vital for sustaining this growth and addressing the skills gap.
Original Source: newssourcegy.com
