FNM CEO attributes unemployment numbers to government policies affecting business – Eye Witness News

NASSAU, BAHAMAS – Free National Movement (FNM) President Dr. Duane Sands says the latest unemployment figures contradict the government’s claims of economic recovery and tourism recovery, placing much of the blame on government policies and actions that have had a negative impact on businesses.

Sands said Eyewitness News: “The numbers kind of speak for themselves. Whether you look at 10.4% or 9.9%, it’s still higher than the 8.8% the administration touted last year. If the economy is booming, and if unemployment or job creation is a reasonable measure of the health of the economy, shouldn’t we expect the unemployment rate to decline? Regardless of the spin and attempts to nuance the discussion, I think the public will agree that the situation is certainly no better than it was, and is probably worse, as published statistics confirm. The question we ask Bahamians is: Are you better off now than you were two years ago, a year ago?”

The latest data released by the Bahamas National Statistical Institute (BNSI) shows that the country’s unemployment rate was 10.4% in the third quarter of last year and 9.9% in the fourth quarter.

Sands continued: “Certainly taxes on businesses and consumers have likely contributed to rising unemployment. Will this administration take responsibility for the fiscal and other maneuvers it has undertaken that have made it so difficult for businesses to operate, preventing them from attracting or retaining workers, or will they simply call it a fluke and ignore the numbers in this case? Small businesses are the lifeblood of the economy and are struggling to retain staff.”

Minister of Labor and Public Service Pia Glover-Rolle said in a statement: “The Ministry of Labor and Public Service remains optimistic about the employment prospects of The Bahamas following today’s update from the Bahamas National Statistical Institute (BNSI) of the country’s unemployment rate to 9.9%. at the end of 2023

For much of the last 20 years, the unemployment rate has hovered in the double digits. In fact, the Davis administration is responsible for reducing unemployment to its lowest level since 2008. We will continue to build on this history of success by implementing effective economic and labor policies to create opportunities for Bahamians.”

Glover-Rolle touted the impact of the Davis administration’s policies on youth unemployment, as the number of unemployed youth dropped by 1,475 in the fourth quarter of 2023.