Economic downturn fuelling skilled workers shortage – Institute

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Economic downturn fuelling skilled workers shortage – Institute

The Project Management Institute has stated that the global economic downturn has reduced the number of available skilled workers.

The institute said in its recent Talent Gap report that 2.3 million people will be needed each year to fill all project management-oriented positions expected to open by 2030.

In a statement, the institute disclosed that to remain competitive, companies would need to hire problem solvers and relationship builders, who can help drive change and deliver strategic value.

It stated, “During this decade, sub-Saharan Africa will witness a 40 per cent growth in PMO employment opportunities. The continent’s average growth over the past two decades has been a steady 4.5 per cent and 5 per cent. Before the pandemic, six of the world’s 10 fastest-growing economies were in Africa. When the recession induced by Covid-19 hit the developed economies, shrinking them by 5.5 per cent, Africa remained more resilient, shrinking by just 2 per cent.”

The Managing Director of PMI for Sub-Saharan Africa, George Asmani, asserted that despite these economic difficulties, PMI’s Job Trends Report for 2023 noted that construction, energy, and information technology sectors were well placed to continue playing a key role in the Sub-Saharan economy as job creators.

He said, “These sectors, alongside agriculture and manufacturing, have been a cornerstone of the regional economy. Skills shortages as the economy recovers will create significant opportunities for project talent as companies and countries fast-track projects. Also, foreign direct investment to African countries hit a record $83bn in 2021, according to United Nations Conference on Trade and Development’s World Investment Report 2022.

“The outlook for advanced economies, which drive much of the world’s economic activity, is even more concerning.”