Unemployment slashed by more than half as diversification drives job growth – President Ali

President Dr Mohamed Irfaan Ali on Tuesday said Guyana’s unemployment rate has fallen by more than 50 per cent since 2020, as sustained economic diversification continues to translate into jobs, higher earnings and balanced development across the country.

In a social media address, the president pointed to the latest Labour Force Bulletin from the Bureau of Statistics, which shows that unemployment declined from 12.8 per cent in 2020 to 6.8 per cent by the fourth quarter of 2024.

“That reduction by itself is a fact that must be analysed,” President Ali said, noting that even within the remaining 6.8 per cent are persons who may be selective about the type of work they are willing to accept. “But the undeniable fact is that unemployment has reduced by more than half between 2020 and 2024.”

The Head of State also highlighted strong gains for women in the labour market, with female unemployment falling from 14.4 per cent to below nine per cent over the same period.

He added that unemployment rates are now fairly balanced across regions, dispelling claims that job creation is concentrated only in urban centres.

“When you examine the analytics, you see that employment opportunities are evenly distributed between rural and urban areas,” President Ali said. “That speaks to the equity and balanced nature of our development, driven by infrastructure investment and policies that support agriculture, tourism, manufacturing and agro-processing.”

Between the first quarter of 2020 and the fourth quarter of 2024, more than 104,000 new jobs were created, with total employment rising from about 264,000 to nearly 370,000 persons. According to the president, the increase reflects a growing economy with expanding opportunities across multiple sectors.

Beyond job creation, President Ali noted that average earnings have risen sharply across the economy, and not only in oil and gas. He cited data showing that most sectors recorded increases in average earnings ranging from 50 to over 100 per cent between 2020 and 2024.

Among the strongest performing sectors were agriculture, forestry and fishing, with an 84 per cent increase in earnings; construction, 71 per cent; wholesale and retail trade, 69 per cent; information and communication, 88 per cent; professional, scientific and technical services, over 100 per cent; arts, entertainment and recreation, more than 114 per cent; and other services, 112 per cent.

“These trends follow the diversification of the economy and the changing structure of our employment over the last four years,” the President said. “Rising wages have not been accompanied by runaway inflation, and we continue to maintain one of the lowest inflation rates, because of sound policies and clear priorities.”

President Ali also referenced international and local labour assessments, which indicate that Guyana is now facing labour shortages rather than widespread unemployment.

A study by the Centre for Local Business Development estimates a shortfall of more than 52,000 workers, while the International Organisation for Migration projects that Guyana will need at least 100,000 additional workers to fully realise its growth agenda.

“These studies don’t speak about unemployment; they speak about labour shortages,” the president said, adding that future job growth is expected in construction, hospitality and tourism, commerce, specialised services, agriculture and food systems, health, social services, and green technology.

“This is not a story about oil and gas,” President Ali emphasised. “It is a story about a country on the rise, with a diversified economy that is creating jobs, building wealth, enhancing prosperity and delivering for the Guyanese people.”