NASSAU, BAHAMAS — Prime Minister Philip Davis said yesterday that the results of the latest labour force survey indicate that the country is headed in the right direction.
While the 8.8 percent unemployment rate is lower than pre-pandemic levels, Davis stressed that his administration will not rest on its laurels.
In a statement on the recently released results of the country’s latest Labour Force Survey, Davis said that their “collective hard work is paying off.
“We’re driving down unemployment and getting our people back to work. In July 2022, The Inter-American Development Bank (IDB) estimated that the unemployment rate in The Bahamas stood at 18 per cent.
“As of May 2023, the rate has been reduced to 8.8 percent, lower than pre-pandemic levels in 2019, which stood at 9.5 percent.”
Davis added: “I am especially pleased that our measures had an impact in Grand Bahama and Abaco, two of our hardest-hit areas in the past few years, where jobs and opportunities are returning. This administration will double its efforts through the Ministry of Grand Bahama and the Department of Labour to move the unemployment numbers for Grand Bahama in a positive direction.
“Our focus remains clear: Bahamians come first. We’ve made sure of this by enforcing the Bahamianization Policy. With initiatives like ‘Labour on The Blocks 2.0’ and ‘Labour on the Campus’, since May 2022, we’ve helped more than 3,000 Bahamians find employment.”
The country’s latest Labour Force Survey has revealed that there are just over 19,000 persons unemployed in the country.
The survey, which was conducted last month by the Bahamas National Statistical Institute, is the first labour force survey since November 2019 and included the islands of New Providence, Grand Bahama, Abaco, Bimini, North Eleuthera, Long Island, and San Salvador.
According to the survey results, the total labour force in the country in May was 219,465, with women comprising 54 percent of the labour force, while men represented 46 percent.
The Prime Minister continued: “Young people already make a significant contribution to the life of our country. However, youth unemployment in the Caribbean remains regrettably high. While our rates are the best in the region and are improving, much more must be done in The Bahamas. Overall this is welcome news.
“However, this administration will not rest on its laurels. Your government continues to work by investing in skills and training for all. Through the National Training Agency and BTVI, we’re addressing skill gaps and preparing all our people – young and old – for the jobs of tomorrow, giving them the economic security they deserve. The Government has already increased the minimum wage and signed union agreements that have improved our workers’ salaries and benefits.”
According to Davis, the country is “on the right track” and “headed in the right direction.”
