THE COVID-19 pandemic has taken a toll on countries the world over with many experiencing loss in production and other economic activities with concomitant loss of jobs.
According to the International Labour Organisation (ILO), in an October 2020 report, some 34 million people in Latin America and the Caribbean have lost their jobs due to a decline in production across the region. Here in Guyana, thanks to prudent micro and macro-economic policies of the incumbent government, the situation here is far from grim compared to other nations in the region. According to the Guyana Bureau of Standards, youth unemployment rate has moved from 29.7 per cent in the last quarter of 2019 to 30.2 per cent in the first quarter of 2020, indicating a slight increase in unemployment of this category of workers. The report from the Bureau of Standards points to the need for some work to be done to reverse and minimise the decline and, to the government’s credit, work has already started in this regard. Aside from job losses and the other effects of the virus locally, globally, the travails have also been many. Among them include the loss of lives in the millions, notably many in their prime productive years, which represent a loss of the most valuable asset of the affected nations.
But there is hope ahead with the approval of vaccines which have so far had various efficacy rates in beating back the virus. Equally, the ILO report, though alarming, also points to signs of optimism with regards to the labour crisis occasioned by COVID-19.

Notably, the report also highlighted that as of the third quarter of 2020, recovery in the levels of economic activity was detected and the first data reveal a beginning of recovery in employment and a return to the labour force. “Preliminary signs of recovery are positive news, but the impact of COVID-19 on work and business was enormous, and the road ahead is long. It is essential to re-launch the bases for the reactivation of the economy with health security, ensuring favourable conditions for the operation of businesses and for the creation of more and better jobs,” Director of ILO Regional Office for Latin America and the Caribbean, Vinícius Pinheiro had said. The latter part of Mr Pinheiro’s statement meshes with the approach of the Dr Irfaan Ali-led administration since assuming office some nine months ago. Instead of shutting down the country and bringing production to a screeching halt, the current government has adopted a balanced approach to the pandemic. In this strategy, businesses remain open but emphasis is placed on enforcement of the COVID-19 guidelines and vaccination of all eligible citizens. Today, Guyana is reaping the benefits. While many countries are recording a fall in economic activities, international financial institutions such as the World Bank, the International Monetary Fund and the Inter-American Development Bank have forecasted high economic growth rate for Guyana this year.

These positive reviews are not only due to the revenues Guyana will earn from oil but also as a result of sound micro and macro-economic policies implemented by the government, which have paved the way for a more business and investor-friendly environment.
This is evident by the recent announcement by Go-Invest Chief Executive Officer, Dr Peter Ramsaroop, who told this publication that in the past nine months, 25 large-scale investors have begun various projects ranging from agriculture to Information Technology and the energy sectors, and when completed, will provide more than 1600 jobs for Guyanese.
Go-Invest has also recently launched ‘Invest 55’ in observance of Guyana’s 55th Independence Anniversary, which is a central pillar in promoting opportunities in integrated mega farms, milk plants, corn and soya bean production for stock freed, expansion of call centres and business process outsourcing, manufacturing of equipment and machinery as well as alternative energy projects for hydro, solar and wind power.
These, coupled with the extensive roads and other massive infrastructural projects that will unfold, will provide thousands of jobs, both permanent and temporary ones, for Guyanese.