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UN body foresees 40% jobless rate

UN body foresees 40% jobless rate
Minister of Labour Colin Jordan. (FILE) - (FP)

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The Economic Commission for Latin America and the Caribbean (ECLAC) is predicting that Barbados could end the year grappling with an unemployment rate of 40 per cent.

“Recovery has been slow and unemployment rates are unlikely to recover to pre-COVID-19 rates by the close of 2020 into early 2021,” said the United Nations body, while also forecasting the Barbados economy to contract by 16 per cent this year before growing by six per cent in 2021.

Government has not given an official unemployment rate after thousands of Barbadians, mainly tourism industry workers, lost their jobs during the COVID-19 pandemic.

The Central Bank has also not quantified what percentage of the national workforce is considered jobless. In its most recent economic review for the three quarters January to September, the bank said the average rate of unemployment was “not available”. (SC)

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