No need for policy on job creation

LUCAS STOCK INDEX The LSI gained less than half of one percent on positive trading by the stocks of Banks DIH (DIH). It was only one of two stocks that traded this week and gained two and one half percent in value. The other stock was Demerara Distillers Limited (DDL) which recorded no movement in value. Despite the positive results, the spread between the index and the risk-free Treasuries due to mature in December 2011 remained below 21 percentage points.

No effort

The disclosure on migration emerging from the Wikileaks cable appearing in the daily newspapers might well explain the lack of urgency on the part of the current administration to create the conditions for faster private sector jobs in Guyana.  While the cables give us an insight into the extent of migration from Guyana, it makes us realize also that there is no effort by the current administration to confront and reverse the problem.  In an IMF Working Paper of 2006 on Emigration and Brain Drain, the authors noted that Guyana had lost about 89 percent of its tertiary-educated labour force.  This would be the group of highly qualified persons best able to help the country to grow at a faster rate and offer Guyanese a better quality of life.

The absence of a strategy to encourage Guyanese to stay and build the economy suggests that the reportedly high loss of skills continues and it does not seem to bother the current administration. With remittances representing one of the largest sources of revenue,