Jobless at 9.9%
by TONY BEST
UNEMPLOYMENT in Barbados has dipped, falling into single digits.
While the decline was relatively small, Prime Minister and Minister of Finance David Thompson sees the national job picture as an indication that Barbados’ economy is not falling off a cliff.
“I think Barbados is weathering the storm. That’s how I would describe it as,” he told BARBADOS BUSINESS AUTHORITY. “Obviously, there are issues that concern us greatly. We are doing our best to ensure that we stabilise our economy in the face of external challenges that are confronting us.”
He added: “We are also doing our best to ensure that levels of unemployment do not increase. Basically, we are now in the phase of what you may describe as preparing Barbados for the post-recession period. Believe it or not, the latest unemployment statistics actually show that unemployment is at 9.9 per cent.”
According to the Central Bank, unemployment at the end of March 2009 was 10.1 per cent.
Joblessness had dipped under eight per cent in 2007 but spiked as the global economic recession affected tourism, the flow of foreign direct investment and resulted in a significant slowdown in construction. All of these contributed to layoffs or reduced work-hours.
According to Thompson, the fall in unemployment did not make a “significant difference”, but he was quick to insist that it was a sure sign that the Government’s economic strategy was working.
“It indicates that our attempts to stabilise jobs in the Barbados economy have met with success . . . . That’s one of the critical objectives of our economic policy at this time.”
He noted that the drop in the jobless rate ran counter to what was happening in neighbours like Jamaica and The Bahamas.