New report emphasizes one of the major reasons why resources like Caribbean Employment Services Inc. are necessary
BRIDGETOWN, BARBADOS — As it expressed concern about high levels of informal employment and potential long-term unemployment in the region, the World Bank said there aren’t enough services to connect jobseekers with private-sector jobs in the Caribbean.
The World Bank made the comments in its recently published Regional Private Sector Diagnostic: “Promoting private sector-led growth to foster recovery and resilience in the Caribbean.”
In the diagnostic report, the organization focused on 12 Caribbean countries that it highlighted as having similar cultures, languages, geographies and economic and development challenges.
The countries, which the World Bank referred to as “the CARI-12 states”, include: Antigua and Barbuda, The Bahamas, Barbados, Belize, Dominica, Grenada, Guyana, Saint Lucia, St. Kitts and Nevis, St. Vincent and the Grenadines, Suriname and Trinidad and Tobago.
World Bank outlines labour concerns
According to the World Bank, progress to achieve “the living standards of advanced economies has slowed down in recent decades,” likely due to unemployment and too much informal employment.
“The severe economic contraction brought about by the pandemic has caused a
surge in unemployment across the region, especially in the tourism-dependent countries.”
Further, it cited a study from the World Economic Forum that predicts “many of those who lost their jobs during the pandemic are at high risk of becoming long-term unemployed.”
At the same time, the World Bank acknowledged that “informality is relatively high in the CARI-12.”
Better efforts needed to secure jobs in the Caribbean
The diagnostic report outlined how some governments have launched programmes designed to help build skills among youth and increase their employability.
This includes skills training and efforts to encourage entrepreneurship. However, the World Bank acknowledged that “little information is available about their effectiveness.”
Rather, it said “the region still lacks well-established labour intermediation services to link jobseekers with employment opportunities in the private sector,” which could help to resolve such concerns.
Caribbean Employment Services Inc. notes these remarks and continues making every effort to provide recruitment, job placement and job search services to benefit jobseekers and employers throughout the region.
We hope to do our part to see improved employment figures in every aspect in the Caribbean in the future.