Jobless Rate Projection Higher Than Expected


Writer: Macushla Pinder

The country’s jobless rate is projected to exceed expectations.

Labour Minister the Honourable Dion Foulkes today told reporters that despite not having scientific evidence, unemployment could sit beyond 30 per cent.

The numbers are driven by the COVID-19 global pandemic.

“There’s approximately 225,000 Bahamians that comprise the workforce. Some 55,000 of them have applied for the unemployment benefit. So, you can do your calculations in terms of what that represents – around 25 per cent of the total group. There was an unemployment rate before the pandemic of around 10.7 per cent. So, if you do a rough calculation, you can see the unemployment rate will be between 30 to 40 per cent.”

A huge chunk of those unemployed are from the hotel sector, which has been hardest hit by the virus.

At last count, the virus had claimed the lives of 11 people in The Bahamas.

Globally, the death toll sits at nearly 380,000.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.