Most recent unemployment measured at 10.7 percent

MINISTER of Finance, Dr. Ashni Singh disclosed Thursday that the most recent available data on unemployment was recorded in 2006, when it was measured at 10.7 percent.
He made the revelation in a written reply to a question, posed in the National Assembly by Alliance for Change (AFC) Member of Parliament (MP) Cathy Hughes.
Minister Singh pointed out that the new numbers in the labour force, among other indicators, will follow in a larger and final report, which is expected to be completed in December 2015.
The Bureau of Statistics is, currently, in the process of completing its preliminary compilation on the 2012 census and expects to release it by June.
The Minister said that would include the preliminary population count, the country’s gender distribution, the population distribution by coastland and hinterland distribution; the regional population density; the number of households and average household size by region; the number of business places by region and the regional population growth rates, among other details.

Compile data
The AFC MP had also asked whether or not the current Administration or State agencies compile data on levels of unemployment in Guyana and questioned those recorded in the last 10 years.
She also wanted to know what Government’s economic policies are aimed at reducing the levels of unemployment in Guyana and what data is used to assess the impact of those policies on the level of unemployment.
Minister Singh answered:“This Government’s economic policies are aimed at creating jobs and reducing unemployment.
“Data used to assess the impact of these policies on the level of unemployment include macro statistics, such as the overall unemployment rate in addition to sector-specific and project-specific data.”
He said the data on levels of unemployment is compiled by the relevant agency, the Bureau of Statistics, with appropriate periodicity.
In addition, he said the issue of unemployment continues to be a challenge for the Caribbean Region and the Caribbean Community (CARICOM) Secretary-General, Ambassador Irwin LaRocque, at the Council for Human and Social Development (COHSOD) meeting, which ended on Thursday, underscored this fact.
The latter stated that unemployment continues to be a key concern for the Region and urged Heads of Government at the 26th Meeting of the COHSOD to ensure that their development agendas allow all to benefit under CARICOM’s Caribbean Single Market and Economy (CSME) initiative.
Assistant Secretary-General, Human and Social Development, Dr. Douglas Slater echoed similar sentiments.
He said:“Within our Region, there is significant unemployment and under employment existing alongside acute skill shortages in some key sectors of our economies.

Poverty gaps
“The lack of access to technology by many of our young people has the potential to widen employment and poverty gaps and this needs to be addressed.
“We need to broaden offerings within our general education system to foster creativity and innovation to enable our citizens to take advantage of emerging occupations.”
Slater also referenced the report of the CARICOM Commission on Youth Development, which highlighted the voices of youth who expressed worry about this situation and pointed to the high economic cost of youth unemployment.
He declared:“The incidence of unemployment among the youth is higher than among the adult population. It is estimated that a reduction in youth unemployment to the adult levels would contribute to growth of between one and two percent in GDP among our Member States.”
The COHSOD meeting has been hailed by Guyanese and regional stakeholders as critical in preparing for the upcoming International Labour Conference in June, the 18th Session of International Labour Organisation (ILO) Americas Regional Meeting and the 18th Inter-American Conference of Ministers of Labour.

(By Vanessa Narine)