IDB Country Rep. underscores need policy decisions based on sound data

Mar 19, 2018 News

Country representative of the International Development Bank (IDB), Sophie Makonnen has highlighted the need for policy decisions based on sound data.

Sophie Makonnen, IDB Country representative

Speaking at the recent launch of the first quarterly labour force survey, Makonnen said that reports are often submitted with the help of international donors, but in some cases, they are never continued.
“Recent new and future investment in Guyana will increase its man power needs. More than ever, I think Guyana needs to match the supply of labor with the current and future investments to make sure that the population has the skills for the jobs that are going to be out there,” Makonnen stated.
Makonnen stated that the study is a step on the path to more evidenced- based planning on which Guyana has embarked.
“I see there will be fresh and up to date information to support decisions. And I think this is ground breaking,” Makonnen pointed out.
According to the IDB representative, the bureau of statistics is fully equipped to use the technologies. It also has a team trained to support ongoing surveys.
The report covers the third quarter of 2017, providing main tools used to track labour market dynamics such as employment rate, job creation, and job destruction.
It was noted that the unemployment rate for persons aged 15 and above was 12 percent, with the situation for women being substantially worse than that of men, 15.3% versus 9.9%. The data show no substantial differences between urban and rural areas.
According to the survey, the employment-to-population ratio of persons aged 15 and above is 49.2 %, with the rate being substantially higher for men than for women 62.1 % against 36.9%. This situation is substantially similar to that outlined by the 2012 Census.
The survey found that the situation of women who, despite showing a sizeable disadvantage in the labour market, appear to be more engaged in the labour force and be less likely to be unemployed.
For salaried workers, the average labour income is $82,636 per month across all the economic sectors, while the figure decreases to $67,064 for self-employed workers. The survey considered the labour population as persons aged 15 and above residing in Guyana, –550,831 persons. The 72.2% of the labour force is based in urban areas.

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