The Private Sector Commission of Guyana informed the IMF that the country’s unemployment is largely voluntary, attributing it to economic growth, especially in the oil sector. The PSC emphasized the need for targeted training programs and regulatory banking reforms to support small businesses, highlighting the increasing demand for skilled labor and the soaring labor costs in the private sector.
During a recent meeting with the International Monetary Fund (IMF), the Private Sector Commission (PSC) of Guyana emphasized that the country’s unemployment rate, currently around 12%, is predominantly voluntary. The PSC highlighted the burgeoning economic growth, particularly in the oil and gas sector, which is facilitating an influx of jobs in various industries.
The PSC also expressed the importance of implementing targeted training programs to equip the workforce with necessary skills. The chairman of the PSC, Komal Singh, indicated that the ongoing economic activities are generating ample employment opportunities. He cited initiatives like the Ministry of Labour’s Job Bank and the Diaspora Unit at the Ministry of Foreign Affairs as supportive measures for job seekers.
Singh noted the robust growth across all economic sectors, which is driving demand for skilled labor. He added that labour costs in the private sector have surged over 60% in the last four years, reflecting the economic expansion and heightened demand for skilled workers. Furthermore, the PSC urged for regulatory reforms to bolster the banking sector’s capacity to support small and medium enterprises.
The PSC acknowledged that while banks have improved their services for business operations, additional enhancements are necessary. In a preliminary report following their visit, the IMF recognized Guyana’s rapid economic transformation, correlating growth with both the oil and gas sector and advancements in the non-oil sector. The IMF’s mission from February 2024 to March 7, 2025, involved consultations with various stakeholders, including government officials, trade union representatives, and the private sector.
In summary, the Private Sector Commission of Guyana articulated that unemployment is largely voluntary due to significant economic growth in the oil and gas sector. With increasing labour demands and surging costs in the private sector, there is a call for targeted training programs and regulatory reforms, particularly in the banking sector, to enhance support for small and medium enterprises. The IMF acknowledged the ongoing transformation in Guyana’s economy, linking it to the expansion in both oil and non-oil sectors.
Original Source: newssourcegy.com
