Overview of Guyana:
Population: 788,400 million
GDP: USD 4.20 billion (FY 2021)
According to the World Bank, the COVID-19 pandemic will have zero impact on Guyana’s economy as oil output will pick up steam. The country’s oil output grew at an astounding rate of 43.5% in 2020. Apart from various potential risks, the country’s economic projections are expected to register economic growth of 20.9% by the end of 2021.
The employment options in Guyana are lucrative with the constant increase in demand for teaching professionals, diplomatic professionals, and health care professionals, and the country is also witnessing a constant increase in tourism. Most importantly, employees can live a peaceful life due to the low cost of living in the country.
A Detailed Insight of Emerging Industries in Guyana:
- The economy of Guyana is growing rapidly, with a forecast of 26.2% GDP growth in 2020. The country had no setbacks since it started oil production in 2019.
- The country’s economy developed on the alliances formed by the World Bank, IMF (International Monetary Fund), and ERP (Economic Recovery Program), which helps the government remain in trade, encouraging foreign investments.
- The action has also helped the government cut off costs and ease mining and oil exploration in the country.
- The government also laid down impressive schemes to increase agricultural production and to increase exports in the private sector.
- The infrastructure is limited to the coastal regions, and most of the rural regions are upgrading quickly due to financial stability in the country.
- The Republic of Guyana also has a healthy employment rate of approximately 50%, making the country a popular choice for foreign investment.
- According to speednest.net, the average internet download speed in Guyana is 45 Mbps, and upload speed is 17.50 Mbps.
Cost of Living
Similar to any other country, the cost of living in Guyana is also dependent on where you live and how you live. Georgetown, Guyana's capital, is the largest city in the country, which is also the most expensive in terms of cost of living. New Amsterdam and Linden follow Georgetown in the cost of living. The table mentioned below explains the expenses that make up the cost of living in Guyana:
The average cost of living for one person in Guyana is 50,381.52 GYD or 791 USD, which is 1.07 times higher than the global average. The country is also ranked 157th in the list of best countries to live in and 97th out of 197 countries in terms of the cost of living. Guyana's cost of living in Georgetown is 30% cheaper than Savannah, Georgia, and 57% cheaper than New York City.
Transportation and Utilities: The cost of electricity consumption in Guyana depends on your consumption, and the average cost of electricity in Guyana is 7000-15000 GYD. The average cost of public transportation in Guyana is 120-300 GYD for a stop. If you own a car, the average cost of fuel is 25000-40000 GYD.
Food: If you aim to eat healthily and to be diet conscious, then you will have to spend 30000 GYD on groceries and toiletries in Guyana. This excludes dining out as the price of exotic food in Guyana is quite high.
Childcare: If we compare childcare to various other expenses, it seems quite affordable. Most of the employees in the country leave their children with their relatives as most of the parents are working professionals.
Education and Health: Most government schools and colleges in Guyana offer free education. Healthcare is also quite affordable in Guyana if you have the patience to wait in public facilities.
As mentioned above, Georgetown, the capital of Guyana, is the most expensive place to live in the country. The cost of living in Guyana also depends on your family size and various other factors like your salary, apartments, and travel expenses.
Top Industries That Are Expected To Hire In Guyana In 2021:
The economy of Guyana is growing steadily because of the recent discovery of petrol in its off-shores. This will help the nation attract international attention as this would mean more business and job opportunities within Guyana. The discovery of petroleum will also increase the investment in modern sectors like information, communication, and technology, which will help Guyana establish its global identity. Here are the top sectors that are expected to hire in Guyana in 2021:
Agriculture: Historically, sugar has been one of the most impactful products for Guyana. However, the industry has declined due to global competition and various other factors. The agriculture sector also contributes to 30% of Guyana’s domestic GDP. The agriculture sector will also look closely to hire food specialists and trade specialists who can uplift the standards.
Aquaculture: Guyana is located close to the Atlantic ocean, making the country a popular choice for exploring the diversity of seafood and fish food. The Guyanese government has also formulated a maritime EEZ or Economic Zone, which will also boost fisheries and by-product processing industries in the sector.
Information and Technology: The number of smartphone users is increasing rapidly in Guyana, which will also provide lots of job opportunities to skilled laborers. Although the information and technology sector here is less influential when compared to the Middle East, Asia, and Europe, it is expected to rise exponentially.
Mining: Apart from sugar, mining has been one of the prominent industries contributing to the boost in Guyana’s GDP. Gold and bauxite are abundantly available in Guyana, and most of the large mining operations are held by foreign companies, but the majority of diamond and gold mining is carried out by small and medium-scale local mining companies.
Guyana has an emerging market offering varied job opportunities to both skilled and unskilled labor. The discovery of petroleum has also made the country ideal for foreign investment.
Salary Structure For Diverse Roles in Guyana:
- All companies must abide by the Employment Exchange Act for the establishment of employment exchanges.
- The Holidays With Pay Act makes it mandatory for companies to provide paid leaves to all categories of workers.
- The Household Service Workers Act regulates the hours of work for professionals working from home.
- The Accidental Death Act provides compensation for accidental deaths or any serious injury at work.
How Can Skuad Help You In Hiring In Guyana?
Hiring in Guyana is a multi-faceted task requiring in-depth knowledge of the laws, trends, hiring costs, living costs city-wise, and more. Skuad comes onboard as a one-stop solution handling every minute aspect of recruitment. It gives you the freedom and time to focus on your project and expansion plans without any hiring stresses.
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