PRESIDENT Dr Mohamed Irfaan Ali’s announcement this week that Guyana’s unemployment rate has been slashed by more than half since 2020 is more than a statistical milestone; it is a signal of how profoundly the country’s economic landscape has shifted in just a few years.
According to the Bureau of Statistics’ latest Labour Force Bulletin, unemployment fell from 12.8 per cent in 2020 to 6.8 per cent by the fourth quarter of 2024, a drop that places Guyana among the stronger performers in the region at a time of global economic uncertainty.
The headline figure alone is striking, but the deeper story lies in what is driving this change. Between 2020 and 2024, more than 104,000 new jobs were created, pushing total employment from roughly 264,000 to nearly 370,000 people.
This expansion reflects not a narrow boom confined to oil and gas, but a broad-based growth pattern tied to economic diversification, infrastructure investment and sectoral expansion across agriculture, construction, services, tourism and manufacturing.
Crucially, the gains have not been limited to one segment of the population. Female unemployment, long a stubborn challenge, declined from 14.4 per cent in 2020 to below nine per cent by 2024.
This points to improved access to employment for women and a labour market that is gradually becoming more inclusive.
At the same time, unemployment rates are now relatively balanced across regions, countering claims that job creation has been concentrated solely in Georgetown and other urban centres.
Expanded road networks, housing programmes and investment in hinterland and rural communities have clearly played a role in spreading opportunity more evenly.
Rising employment has been accompanied by rising wages, another key indicator of economic health. Data cited by the president show average earnings increasing by between 50 and over 100 per cent across most sectors over the last four years.
Agriculture, forestry and fishing saw earnings rise by 84 per cent; construction by 71 per cent; wholesale and retail trade by 69 per cent; and information and communication by 88 per cent.
Particularly notable are gains of over 100 per cent in professional, scientific and technical services, arts and entertainment, and other services, sectors that underscore the changing structure of Guyana’s economy.
Importantly, these wage increases have not been eroded by runaway inflation. Guyana has managed to maintain comparatively low inflation rates, suggesting that higher earnings are translating into real improvements in living standards rather than being swallowed by rising prices.
That balance, growth without destabilising inflation, is one of the central tests of sound economic management, especially for a rapidly expanding economy.
Perhaps the most telling shift, however, is that Guyana is now confronting labour shortages rather than mass unemployment.
Studies by the Centre for Local Business Development and projections by the International Organisation for Migration indicate a shortfall ranging from 52,000 to as many as 100,000 workers in the coming years.
This reality reframes the national conversation: the challenge is no longer simply creating jobs, but ensuring that Guyanese are trained, skilled and supported to fill them.
That task will require sustained investment in education, technical and vocational training, and workforce planning, alongside policies that attract skilled migrants where gaps cannot be filled locally.
Without this, labour shortages could become a bottleneck that slows growth and widens inequality.
President Ali is right to stress that this is not merely an oil-and-gas story. While petroleum revenues have provided fiscal space, the employment data suggest that diversification is doing the heavy lifting in job creation and wage growth.
The real measure of success will be whether this momentum can be sustained, deepened and made resilient to global shocks.
For now, the numbers tell a largely positive story: unemployment down, earnings up, and opportunities spreading more widely across the country.