By KHRISNA VIRGIL

Tribune Staff Reporter

kvirgil@tribunemedia.net

PRIME Minister Perry Christie yesterday said it would be “incorrect” for anyone to interpret the latest unemployment statistics as suggesting that net jobs have been lost in the Bahamian economy.

He said the reality is that the rise in the country’s unemployment rate resulted from an expansion of the labour force that simply outstripped the growth in jobs. His comments came during his 2014/2015 mid-year budget presentation.

In January, the Department of Statistics announced that the rate of unemployment in the Bahamas had risen to 15.7 per cent in November 2014 representing an increase of 1.4 per cent from 14.3 per cent in May.

Mr Christie said: “In fact, the detailed labour force data from the Department of Statistics reveal that total employment in the Bahamas actually increased modestly between May and November of last year.

“The reality is that the rise in the unemployment rate resulted from an expansion of the labour force that simply outstripped the growth in jobs. As I stated earlier, achieving much stronger jobs growth is one of my government’s key policy priorities.”

He told parliamentarians that the growth in the labour force was buoyed by a decrease in the number of discouraged workers in the country.

“In other words, persons who had dropped out of the work force have now been sufficiently encouraged by employment prospects that they have re-entered the labour force in search of jobs.

“I am convinced they won’t have to wait long either. Thousands of new jobs, as I said, are going to be created this year alone.”

He said the government remained resolute and uncompromising in its determination to sharply reduce the vexing problem of high youth unemployment.

Youths between 15 to 24, according to the Department of Statistics, continue to face a considerably higher rate of unemployment than any other group. This group’s unemployment rate is 31 per cent, an increase of three per cent from the previous survey.

He said: “As we create more economic opportunities, our youth must be poised to make the best of it. This is why the mission of the National Training Agency is so important. It will promote development of the skills that young Bahamians will need to successfully transition into the jobs market.

“We are also steadfast in our commitment to expand the capacity of BTVI to produce employable persons, and in our resolve for the College of The Bahamas to continue its advance towards university status with a similar purpose.”

He said when he presents the next budget communication later this year, a major new initiative to target at-risk adolescents is expected to be announced.

Mr Christie said he was optimistic that unemployment levels will be reduced this year.

He said the Baha Mar resort – set to open in March – expected improvement at hotels on Paradise Island, at Albany, the Hilton, and throughout the Bahamas is all proof that economic diversification is taking place.

He said this would result in increased new employment and unprecedented entrepreneurial opportunities.