High-end, well-paying jobs will increase as economy diversifies – Ali

…urges Nations University graduates to prepare themselves

Graduates of Nations University were on Saturday urged to prepare themselves to take advantage of the high-end well-paying jobs, the opportunities for which will grow as the economy diversifies.
The President was the feature speaker at the university’s 2022 graduation for diploma, Bachelor’s and Master’s degree programmes at the Pegasus Suites and Corporate Centre on Saturday evening.

While delivering the feature address, Dr Ali told the graduates that they are living in a country that will be “second to none” by 2030 and beyond. He therefore urged the hundreds of graduates to prepare themselves to be part of the massive transformation taking place in Guyana.
“The Head of State underscored that Guyana will not only have a diversified economy that will be able to withstand all of the global shocks but will function on cutting edge technology and will have all the high-end and high-paying jobs,” the Office of the President said in a release.
Additionally, the President assured the graduates that the Government is working assiduously on ensuring the country becomes a global leader in various sectors such as agriculture, healthcare, education, environment, and biological and ecological services, among others.
The International Monetary Fund (IMF) has already projected that Guyana would achieve a growth rate of over 57 per cent in 2022, a slight increase from what the country’s Finance Ministry had projected at the half-year mark.
According to the IMF in its statement on the conclusion of its Article IV consultation with Guyana, a Gross Domestic Product (GDP) growth rate of 57.8 per cent is expected this year.
Additionally, the IMF noted that oil GDP would grow by over 100 per cent in 2022, and by 30 per cent on average annually between 2023 and 2026. The strength of this growth is testament to the fact that Guyana’s commercially recoverable petroleum reserves are expected to reach over 11 billion barrels. This, according to the IMF, is one of the highest levels per capita in the world.
“This could help Guyana build up substantial fiscal and external buffers to absorb shocks, while addressing infrastructure gaps and human development needs,” the IMF executives said in their statement.
“Main downside risks to the outlook include volatility in global oil prices; a slowing global economy; or rapid increases in investment, which could lead to macroeconomic imbalances; while upside risks include higher global oil prices and additional gas and oil discoveries.”
In the Mid-Year Report released by the Finance Ministry this year, Guyana’s real GDP had been shown to grow by 36.4 per cent for the first half of 2022, and had been projected to grow by 56 per cent overall for 2022.
Guyana reaching over 11 billion barrels of recoverable petroleum reserves is due to the start-up of the Liza Phase 2 development, with the <<<Liza Unity>>> floating production storage and offloading (FPSO) vessel already producing oil. Payara, the third development in the Stabroek Block, is expected to start up next year. ExxonMobil has said it anticipates at least six projects offshore Guyana would be online by 2027.
So far, Exxon’s total investment in Guyana is GY$1.3 trillion on its own, and over GY$3 trillion with its partners. Additionally, the joint-venturers’ exploration and production plans up to 2025 would likely increase their investments to more than GY$6 trillion.
Importantly, non-oil GDP growth was recorded at 9.6 per cent at the halfway mark. The report further elaborated that the agriculture, forestry and fishing sectors are estimated to have expanded by 10.9 per cent in the first six months of 2022.
These figures were driven by higher production from the other crops, forestry and livestock sectors, in spite of weaker performances in the sugar, rice and fishing industries. The sector is now expected to grow by 11.9 per cent.
With respect to the mining and quarrying sectors, these are estimated to have grown by 64.6 per cent in the first half of the year, with a revised 2022 forecast of 99.9 per cent driven by growth in the petroleum and other mining industries. (G3)