January 31, 2023
Caribbean governments, businesses and organizations must keep the momentum of recent job growth growing to fend off the worst impacts of a possible recession, says Caribbean Employment Services Inc. CEO Joseph Boll.
Caribbean Employment Services Inc. is a market-leading digital talent acquisition service that aims to connect the top talent from the Caribbean with hiring managers, HR professionals and decision-makers in companies both within the Caribbean as well as abroad. Further, it aims to provide the region’s jobseekers and those who are already employed with news and resources related to Caribbean labour.
Boll made the comments on the heels of an economic outlook report released by the International Labour Organization (ILO), which projected that Latin America and the Caribbean will experience slow job growth this year and in the next few years to come. The organization acknowledged that while employment initiatives undertaken by several governing bodies in the region have proven successful, and although formal jobs did improve over the last year, that progress is expected to stall and could even be reversed as major world economies prepare to head into a recession.
“It might be the case that some experts are underestimating the Caribbean’s ability to bounce back quickly from even the worst economic predicaments,” Boll asserted.
He pointed out that international organizations previously estimated that the region would not begin to recover from the economic impact of the COVID-19 pandemic until 2025 at the earliest, whereas that has not actually been the case. In fact, many major Caribbean nations began to spring back from the pandemic fairly quickly, and certainly faster than many economic projections had expected.
Boll continued, “The pandemic brought many hard-learned lessons to the region, but it has proven resilient time and time again, and this time will likely be no different. Certainly we at Caribbean Employment Services Inc. hope the region’s economies will again prove these early projections wrong and impress the world with their adaptability and growth despite a recession.”
Indeed, the governments of many Caribbean countries have already launched employment initiatives aimed at increasing formal employment, the results of which are planned to be seen in time. Especially since most of these initiatives focused on sustainable development and resilient employment, these programmes could prove to deflect the incoming economic storm. Caribbean Employment Services Inc. remains optimistic that job growth in the region will continue on strong with the right support to maintain the momentum that has been ongoing since recovery first began.