Saint Lucia: The Central Statistical Workplace of Saint Lucia information a discount within the unemployment price for the primary quarter of 2024. The division famous an 11.4% lower, one of many lowest in 15 years.
The statistical report from the labour drive highlighted the figures whereas noting a decline within the unemployment price as in comparison with the final quarter of 2023. The fourth quarter of 2023 recorded a 13.6% unemployment price which decreased to 11.4% for 2024.
The report famous that the primary quarter consisted of 88.6% of the working inhabitants employed together with 96434 staff. This achievement signifies an general enchancment within the nation in employment from January to March length.
Youth unemployment additionally showcased a lower from 26.7% in 2023 to 18.4% within the first quarter of 2024. The authorities in regard to this famous that, “In Quarter 4 of 2023, the youth unemployment price was 26.7 p.c, considerably greater than the general unemployment price of 13.6% throughout the identical time.”
“By Quarter Considered one of 2024, the younger unemployment price had dropped to 11.4 p.c, indicating exceptional enchancment.” They added.
The authorities then went on to state the significance of employment indicating it as essential to offer the workers and their households with needed assist. “For poor and low-income households, getting a job is a vital step towards monetary freedom and a greater high quality of life.” Authorities talked about.
That is to be famous that the unemployment price for Saint Lucia was the very best in 2021 at 23.13% since the final 8 years and following them have been 12 months 2016,2018,2017,2020,2022,2023 respectively. The unemployment was recorded the lowest in 2019 at 15.50%.
Notably, the federal government has undertaken a number of initiatives just like the Youth Economic system Company and Neighborhood Tourism Company to offer assist to native entrepreneurs to assist develop their companies.
This discount of the unemployment price in Saint Lucia within the first quarter of the nation displays the continued efforts by the federal government to enhance employment and therefore the economic system of the nation. the downfall particularly in youth unemployment showcases the impression of initiatives launched by the federal government.
Though, unemployment decreased however nonetheless must be improved as it’s nonetheless in double digits. Regardless of a big lower, youth employment additionally must be managed because it stays comparatively excessive at 18.4%.
Although the federal government has issued new insurance policies and initiatives, points within the labor market nonetheless must be addressed. Vital measures shall be essential to be taken to sort out these points in unemployment throughout completely different sectors.
