Guyana’s economic transformation has reached unprecedented heights, creating ripple effects across every sector of society. Finance Minister Dr. Ashni Singh recently revealed how the nation’s explosive growth has fundamentally changed the employment landscape. Behind the impressive GDP figures lies a more compelling story of human progress and opportunity creation. The numbers tell an extraordinary tale of economic success that few countries have achieved.
Economic growth is associated with opportunities in all sectors of the economy
The country’s economy continues to register incredible growth rates, with the non-oil segment registering an average growth rate above 10 percent since the year 2021. Such outstanding performance is a manifestation of the deliberate efforts by the government to unlock economic opportunities that are beyond the usual sectors of the country’s economy. The overall trend has helped Guyana become among the fastest-growing economies in the world.
The country has witnessed unprecedented levels of foreign direct investment, breaking all previous records. New firms have set up operations in different sectors, and this has resulted in a dynamic business environment. This has led to innovation and competition, resulting in further economic development in the country. The investment has also aided in technology transfer and human resource development.
The growth of credit in the private sector drives business growth
The credit extended to the private sector has been at an astronomical rate in the last five years, surpassing any other period in Guyana. The credit has allowed entrepreneurs and established companies to expand their operations and explore new ones. The banks realized increased demand and created new products to cater to this. The extension of credit to smaller companies has allowed them to compete favorably in the thriving economy.
The level of employment has recorded a remarkable surge
The economic expansion has also led to a great many job creations, with an estimated 60,000 more jobs reported in the past five years. Job creation is evident in all fields, from oil and gas enterprises, which now employ between 6,000 and 7,000 more people, to the development of tourism and hospitality sectors. The health sector has also created a great many jobs for doctors, nurses, and laboratory technicians. The construction sector has also created many jobs.
According to Minister Singh, the development of human capital via education and skills training is a priority of the administration. The skills development focus begun by Minister Singh and before him by President Zuma has resulted in job and employment opportunities that are better and more suited to people. The skills development training program has also been broadened to fill labor gaps in the health and technical sectors.
Construction boom fosters large-scale employment generation
The construction industry is one of the sectors that symbolize the overall economic change taking place in Guyana. There are several reasons why this sector is booming:
- Public sector investment program building bridges, roads, hospitals, and schools
- Private industrial construction, including factories, warehouses, and processing plants
- Commercial development featuring new office buildings and retail facilities
- Residential construction from over 50,000 distributed house lots
Government investment priorities support sustainable development
In order to promote sustainable economic growth, the government focuses on investing in human capital development initiatives and infrastructure. The education initiatives of this government focus on equipping the citizens with the relevant skills needed in order to take advantage of future opportunities. The expansion of the healthcare system includes the construction of hospitals.
The experience of Guyana indicates that with some planning, a country can change its destiny for the better. Today, Guyana is taking its rightful place in the global community, with its development strategy focusing on exploiting its natural resources, attracting foreign investment, and developing its human resources, thus paving the way for a virtuous circle of opportunity creation that benefits all its citizens.
