Economist flags labour, technology shortfalls in rapidly expanding economy

Guyana’s ability to meet the demands of its rapidly expanding sectors remains a major challenge, as widening capacity gaps threaten to slow the country’s pace of development, an economist said.
Economist and financial specialist Richard Rambarran said both public and private sector entities face constraints including inadequate labour supply and outdated technology, even as they are required to perform at levels aligned with a fast-growing economy.

“When you see volumes increasing to the levels you see in Guyana… and you think about our population…our workforce, our institutional capacity to monitor etcetera, it has not drastically increased. It’s like we are trying to run an economy with the same workforce, the same types of technologies, but scaled up in an exponential way.”
Speaking on Ignite News Budget in Focus, Rambarran said Guyana must ensure value for money in investments and projects, noting that execution capacity currently lags behind demand.

He added that access to financing is no longer the primary concern, but rather how projects are implemented, warning that capacity constraints could affect timelines and the quality of initiatives aimed at economic growth and public benefit.