Shane Gibson in the House of Assembly.
By RASHAD ROLLE
Tribune Staff Reporter
rrolle@tribunemedia.net
A DAY after the latest results of the Department of Statistics’ labour survey revealed that the unemployment rate has risen to 14.8 per cent, with more than one in seven Bahamians now out of a job, Labour Minister Shane Gibson claimed the Bahamas has made “tremendous strides since the global recession”.
The unemployment rate rise represents a 2.8 per cent increase on the previous survey results in May, owing largely to Baha Mar layoffs, the impact of recent high school graduates joining the labour force and the devastating impact of Hurricane Joaquin.
“The Bahamas has made tremendous strides since the global recession and more Bahamians are in fact working,” Mr Gibson said on Thursday. “Freeport and Grand Bahama have improved and the Family Islands, particularly Abaco and Bimini, continue to enjoy sustained economic growth.
“The expansion of the labour force will no doubt continue at a rate of 4,000 to 5,000 persons annually, which demands acceleration in the rate of jobs creation. The government is keenly aware of this dynamic and is satisfied that the pending projects and those in various stages of development and completion will significantly reduce the level of unemployment over the next year.
“Certainly in an environment of a subdued and protracted global economic recovery, the government is pleased with the addition of over 20,000 new jobs and Bahamians to the employment lines since May 2012, but the truth is one Bahamian unemployed is too many. The government continues to express informed optimism in this area.”
Baha Mar had long been expected to be a major economic boost to the country, but when numerous delays gave way to a protracted dispute between the resort’s developer, its creditors and the government, stakeholders began revising the outlook for the country’s economy.
While Prime Minister Perry Christie insists that talks are proceeding with investors looking to take over Baha Mar, he suffers a credibility issue with some Bahamians, having said numerous times over the last year that the conflict at Baha Mar was close to being resolved.
New Providence and Grand Bahama experienced unemployment rate increases of 15.9 per cent and 14.2 per cent respectively. Abaco, however, experienced a rate decrease from 12 per cent to 9.7 per cent.
Officials also said that the youth unemployment rate now stands at 30 per cent, nearly five per cent more than the 25.3 per cent recorded in the May survey. The survey noted that young people between 15 to 24 continue to face a considerably higher rate of unemployment than any other group.
“When we did the previous one, the survey was held before graduation,” statistician Cypreanna Winters said. “And so we have to take into account all of the (graduates) coming into the labour force that contributed to the growth in the (youth) unemployment rate.”
Comments
sealice 8 years, 10 months ago
this is why they don't put any money into our children's education. . . . only a dumb ass will believe their lies!!
Economist 8 years, 10 months ago
Minster "SHAME" Gibson, you need to be creating 5,000 jobs, just to keep up with the population growth.
To reduce unemployment, you need to create more than 5,000 new jobs each year.
It is the governments job to create a good economic atmosphere for the private sector to invest in. In any country, It is always the Private sector that creates the most jobs.
20,000 jobs in 5 years is only 4,000 a year for each year in government....soooo.....you have gone backwards.
This is why unemployment has gone up. So far your governments approach is a dismal failure. The recession ended in 2012 and other countries, like ours have experienced much more direct foreign investment and their economies are growing.
BMW 8 years, 10 months ago
This chrome dome joker is living in fantasy land.G.B. is dying a slow death. The country is dying a slow death!!!! The only economy growing is the politicians teifing!
John 8 years, 10 months ago
Is the government catering to a certain group by paying dividends to BoB preference shareholders or has the bank made significant recovery to afford this????
banker 8 years, 10 months ago
Shame still believes in the old PLP adage that the PLP sheeple followers believe: "Do not trust your own eyes. Believe what we tell you, never mind what the truth is."
TruePeople 8 years, 10 months ago
dis is the bey who was saying the titanic is about to take off and fly, meanwhile erryone dun in the water
John 8 years, 10 months ago
BUT he is right on a point you know. More Bahamians are working now : WORKING TO GeT THIS GOVERNMENT OUT OF OFFICE!
Well_mudda_take_sic 8 years, 10 months ago
Shameless Shane's mouth is like a fully loaded honey wagon truck in desperate need of dumping its load of the worse kind of shiit!
realfreethinker 8 years, 10 months ago
Wow what a difference a few years make . Before election the shitty plp said there was no recession,but that the FNM mis-managed the economy. Fast forward,now that the economy has contract since they came to office it is chic to now blame it on a recession.
Alltoomuch 8 years, 10 months ago
John - I have mentioned this preferential shareholders getting dividends before and always the government is not demanding repayment. No-one else seems to care? Really wonder where this beautiful country will end up!!
proudloudandfnm 8 years, 10 months ago
Wow. This man is dumber than I thought...
Honestman 8 years, 10 months ago
Come May 2017 the Bahamian people will have the opportunity to remove these Jackasses from government and save our country. In any first world country, people as academically and ethically challenged as Shane Gibson wouldn't get past first base. That applies to many others in the current cabinet.
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