PSC Communicates Lower Unemployment as ‘Voluntary’ in Guyana to IMF
The Private Sector Commission of Guyana engaged with the IMF, stating that unemployment is primarily voluntary due to economic growth. With an unemployment rate of 12%, there is a call for targeted training programs and regulatory reforms in the banking sector to support small businesses. The IMF noted strong economic growth linked to the oil sector and ongoing advancements in non-oil industries.
During a recent meeting with the International Monetary Fund (IMF), the Private Sector Commission (PSC) of Guyana emphasized the nation’s economic growth and asserted that the unemployment rate, currently around 12%, is largely voluntary. The PSC noted that opportunities have proliferated in the oil and gas sector and associated industries, enabling many Guyanese to secure employment.
The PSC highlighted the need for targeted training programs to enhance the skillset of the labor force, creating alignment with market demands. They maintained that “unemployment in Guyana is largely voluntary, given the abundance of economic activities that create opportunities and jobs for everyone.”
Labor costs in the private sector have risen over 60% in the last four years, reflecting the rapid economic expansion and increasing demand for skilled workers, as noted by PSC Chairman Komal Singh. He remarked that every economic sector in Guyana is witnessing growth, which significantly boosts the requirement for skilled labor.
Mr. Singh pointed out available resources for job seekers, including the Ministry of Labour’s Job Bank and the Diaspora Unit in the Ministry of Foreign Affairs. The PSC also commended the government’s initiatives to enhance the governance environment, particularly through legislative reforms like arbitration laws and streamlining operations in trade and construction.
Nonetheless, the PSC highlighted the importance of regulatory reforms within the banking sector to better support the expansion and resilience of Small and Medium Enterprises (SMEs). Although improvements have been made to facilitate business operations, further enhancements are still deemed necessary.
Following the visit, the IMF’s preliminary report indicated that Guyana’s economic transformation is progressing rapidly, largely due to growth in the oil and gas sector and developments in non-oil sectors. The mission involved discussions with various governmental officials, including Vice President Bharrat Jagdeo and Finance Minister Dr. Ashni Singh, as well as leaders from trade unions, the Private Sector, commercial banks, and other organizations.
The engagement between the Private Sector Commission of Guyana and the IMF highlighted the voluntary nature of unemployment in the country amid growing job opportunities in various sectors. With a significant rise in labor costs and a call for targeted training programs, the PSC emphasized the urgency for regulatory reforms within the banking sector to bolster SMEs. The IMF acknowledges Guyana’s ongoing economic progress, driven by the oil sector and legislative advancements that foster a better business environment.
Original Source: newssourcegy.com
