Guyana’s unemployment rate drops by half since 2020 – Finance Minister

Since assuming office in 2020, the Dr Irfaan Ali-led People’s Progressive Party/Civic (PPP/C) Government has reduced the unemployment rate in Guyana by half, including among young people.

This is according to the senior Minister in the Office of the President with Responsibility for Finance, Dr Ashni Singh, while delivering the feature address at the Labour and Manpower Planning Ministry’s National Youth Skills Forum held at the Arthur Chung Conference Centre (ACCC). The Forum was held in observance of World Youth Skills Day on Wednesday.

According to the Minister, the unemployment rate in the country was 12.8 per cent in 2020, but by 2024, that rate was reduced by half to 6.8 per cent. He also pointed out further that the youth unemployment rate in 2020 was 30.2 per cent, and by 2024, this rate was reduced by more than a half, moving to 12.1 per cent in just four years.

“And we did that by creating, in the first five years of being in Government, more than 104,000 new jobs. Now, in a population such as ours, 104,000 is a really staggering number, and jobs have continued to be created,” Minister Singh explained. He, however, noted that in Guyana’s rapidly growing economy, one of the biggest challenges faced is the challenge found in the labour market.

“It doesn’t require me to think for more than a few nanoseconds because the reality is that jobs are being created more rapidly than we are able to produce people with the skills required to take up those jobs,” the Minister emphasised.

To this end, Dr Singh urged young people to take up all the opportunities being provided in Guyana as he highlighted the PPP/C Government’s unwavering commitment to the development of the country’s youth.
He noted that under the leadership of President Ali, the Government is not just talking about the future but is actively building it by expanding free technical training and creating an unprecedented environment for employment and entrepreneurship.

The senior Minister therefore encouraged youths to ensure that they seek out and capitalise on the opportunities in the various expanding sectors of the country.

“Ask yourself, “Where do I see an opportunity in here for me? And what do I need to do to take advantage of that opportunity?” he urged the young people in attendance at the forum as he noted that with the demand for labour far exceeding supply and with more demand for skilled workers, this period in the country provides a huge opportunity for them all.

“You are the people who are going to be filling those jobs and starting those small businesses. With that background in mind, I want to say to you that in this labour market, you are the sellers. You are the people with the skills. You’re the people who have or will be acquiring the skills that are needed in the labour market of today and, even more so, of tomorrow. You are the sellers in this labour market, and the opportunities are there for you to convert,” Dr Singh added.

Addressing those young people who are still unsure as to their career paths, Singh encouraged that they make a start at something.

“While you are figuring out what you want to do, get up and do something. Get up and do something. Make a start. Sign up for a training course; do the training course. Apply for a job; get the job and start the work. You can still be thinking about what you want to do. That’s okay. But make a start and do something,” he urged further.

The Minister also implored that young people take advantage of entrepreneurial opportunities while also advising them that there is no longer gender-assigned jobs.

On this note, Singh concluded by recommitting on behalf of Government that no matter where each young person lives, lasting success and real prosperity cannot be built without three things.
“Education – and by education, I don’t mean only formal education, education and skills training, employment – meaning jobs and getting jobs and working in jobs – and entrepreneurship, business activity,” he said, adding, “Young people of Guyana, tomorrow’s Guyana is yours. This is your time!”

Also addressing the forum and delivering remarks as they outlined the government’s various programmes and policies beneficial to the young people while also encouraging them to take up all of the opportunities being presented countrywide were Minister in the Ministry of Culture, Youth and Sport Steven Jacobs; Minister of Labour and Manpower Planning Keoma Griffith; Chairman of the Board of Industrial Training (BIT) Kathy Smith; and Chief Executive Officer of BIT Richard Maughn.