The Unassuming Economist

A new IMF country report says that “The Bahamas has experienced persistently high unemployment rates, averaging over 10 percent, in the past 2 decades. The youth unemployment rate has been stubbornly high, falling only to 22 percent in November 2017. […] It argues that labor market regulations do not appear to be the main culprit of high unemployment, whereas the narrow economic base, the insufficient skill sets among the young, and inefficient job placement services appear to be more important factors. Therefore, expanding vocational and apprenticeship programs should help reduce the youth unemployment rate. Improving skill databases and job placement services more generally should help improve the matching process between employers and job seekers. More broadly, enhancing the quality of general education should facilitate sustaining employment in the long term.”