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In a striking turn of events, the nation has experienced a substantial decrease in employment, according to data recorded by the Social Security Board. The figures, highlighted during the 2024 Budget Address in Parliament on December 13, reveal a notable shift in job numbers over the past few years.

The employment landscape hit an all-time high between 2018 and 2020, with an impressive peak of 29,000 jobs, as announced by the Minister of Social Security, Hon. Eugene Hamilton, in September 2021. However, the latest data, presented by Prime Minister Dr. Terrance Drew, paints a different picture, indicating a significant decline in employment to 25,384 jobs in 2023.

“The Social Security Board data as at June 2023 shows that total job registration was recorded in the region of 25,384, an increase of two percent, 490 jobs over January to December 2022, which was seen at 24,894,” noted Prime Minister Dr. Drew during the Budget Address. This marks an approximate 13% decrease from the record peak observed between 2018 and 2020.

The Prime Minister acknowledged the challenges but also pointed out positive signs of recovery within specific sectors. Key contributors to this recovery, according to Dr. Drew, include the hotel and restaurant industry, transport and storage, as well as the wholesale and retail sectors.

Despite the current economic landscape, Dr. Drew expressed optimism about the nation’s recovery trajectory. He outlined his administration’s commitment to vigorous efforts aimed at surpassing the 2019 job levels in all major sectors of the economy by the year 2024.

The government’s focus on revitalizing the job market aligns with broader efforts to stimulate economic growth and create opportunities for the workforce. As the nation navigates these economic shifts, the commitment to surpassing previous job levels demonstrates a dedication to rebuilding and fostering a resilient and thriving economy. The coming year will be pivotal in determining the success of these efforts and the nation’s journey toward a more robust employment landscape.