The Private Sector Commission of Guyana stated in a meeting with the IMF that the country’s unemployment rate, currently around 12%, is largely voluntary due to economic growth and increased job opportunities in the oil and gas sector. They highlighted the need for targeted training programs and called for regulatory reforms in the banking sector to support SMEs. The IMF acknowledged Guyana’s rapidly advancing economic transformation in its preliminary report following the consultations.
During a recent meeting with the International Monetary Fund (IMF), the Private Sector Commission of Guyana highlighted the country’s economic growth, stating that the unemployment rate, approximately 12%, is predominantly voluntary. The expansion of the oil and gas sector, along with related industries, has led to increased job opportunities for many Guyanese.
The PSC emphasized the importance of targeted training programs to equip the labor force with necessary skills to meet market demands. They reiterated, “unemployment in Guyana is largely voluntary, given the abundance of economic activities that create opportunities and jobs for everyone.”
In addition, the Commission reported a significant rise in private sector labor costs, over 60% in the last four years, indicative of rapid economic growth and heightened demand for skilled labor. Chairman Komal Singh stated that every economic sector is thriving, which has further driven the need for skilled labor.
The PSC pointed to supportive mechanisms for job seekers, including the Ministry of Labour’s Job Bank and the Diaspora Unit at the Ministry of Foreign Affairs. They also acknowledged the government’s commitment to enhancing the governance environment through legislative reforms, such as arbitration laws, and improving operational efficiency via single-window platforms for trade and construction.
Nevertheless, the PSC noted the necessity for regulatory reforms in the banking sector to bolster the growth and resilience of Small and Medium Enterprises (SMEs). Though banks have made strides in facilitating business operations, there remains potential for further advancements.
Following its visit, the IMF released a preliminary report indicating that Guyana’s economic transformation is progressing rapidly, with growth primarily attributed to the flourishing oil and gas sector and developments in the non-oil sector. This mission, conducted between February 2024 and March 7, 2025, involved consultations with various stakeholders, including government officials and representatives from the private sector and commercial banks.
In conclusion, the Private Sector Commission of Guyana successfully articulated the voluntary nature of unemployment in the country during its dialogue with the IMF. The ongoing economic growth, particularly in the oil and gas sector, has opened numerous job opportunities, prompting a demand for skilled labor. However, the need for targeted training programs and regulatory reforms in the banking sector to support SMEs remains essential to navigating the country’s economic expansion. The IMF’s recognition of these developments underscores the positive trajectory of Guyana’s economy.
Original Source: newssourcegy.com
