Of the various economic factors that contributed to Barbados’ weak economic performance during the first quarter of the year, the most disheartening development for former Central Bank Governor Winston Cox, was the high jump in joblessness.
For him, the dip in the foreign reserves and the fall in Government revenue due to the COVID-19 pandemic was disappointing. Equally worrisome were the contraction in the country’s gross domestic product, the poor state of the tourism industry and the fall in foreign reserves.
But he said it was the escalation in the number of people who lost their jobs and the effect it had on their lives that hit him the hardest when he reviewed what had taken place in the economy between January and March.
“That was an unfortunate development,” Cox said as he addressed the sharp rise in unemployment which put the rate at almost 14 per cent, with most of the joblessness affecting people between the ages of 20 and 44 years old. The National Insurance Scheme was also hard hit, receiving 11 802 unemployment claims, all caused by the surge in COVID-19 positive cases, which triggered a lockdown in Barbados’ economic and social life in February. (TB)
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