Monday, March 16, 2015
Tweet[IWS] World Bank: The Aftermath of the 2008 Global Financial Crisis in the Eastern Caribbean : The Impact on the St Lucia Labor Market [March 2015]
IWS Documented News Service
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Institute for Workplace Studies-----------------Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor--------------------Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
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NOTE: Funding for this service ends on 31 March 2015. Postings will end on this date as well.
World Bank
The Aftermath of the 2008 Global Financial Crisis in the Eastern Caribbean : The Impact on the St Lucia Labor Market [March 2015]
by Gimenez, Lea; St. Catherine, Edwin; Karver, Jonathan; Odawara, Rei
https://openknowledge.worldbank.org/handle/10986/21602
or
[full-text, 46 pages]
This brief expands the scarce literature on the impact of the global financial crisis on labor market outcomes
and welfare in the Organization of Eastern Caribbean States (OECS). The brief focuses on the economy of St.
Lucia, one of the OECS member states. The statistical information assembled here should help decision makers
and the public in the OECS to develop policy options that can sustain job creation and thereby enhance public
welfare. It also can help gauge the effectiveness of policies over time.
The evidence presented in this brief shows how the recent financial crisis had significant and long-lasting negative
impacts on the welfare of St. Lucians. The government of St. Lucia attempted to use fiscal policy to boost
growth and enhance labor market opportunities in the island. Still, unemployed and underemployed St. Lucians
together accounted for over 40 percent of the working-age employable population. They suffered a significant
decline in welfare in the aftermath of the crisis. They lost not only their income but also the collateral benefits
that are often associated with being fully employed in good quality jobs in the “formal” sector of the economy.
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