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CCNTV6
  • 11 months ago
There is a call for the Minister of Labour to address what one Economist says is the decline in the workforce.

Professor Roger Hosein was giving a breakdown of the recent Labour force report released seven days ago by the Central Statistical Office.

Nicole M Romany reports.
Transcript
00:00Professor Hosain says while increasing employment in the public service is good,
00:05it is crucial to also boost private sector employment. He says this is
00:10because in the public sector productivity is not as fast-paced.
00:15You want your private sector to be the engine for growth and change because in
00:20the public sector there is a tendency for labour productivity to be lower
00:26and if it is you keep increasing the private the public sector at the extent
00:31of the private sector and the public sectors are lower labour productivity
00:35than the private sector then in the in the limit which in economics we say
00:39asymptotically asymptotically you will compromise the long run growth of the
00:44economy. He further warns of a reduction in local
00:47intrapreneurs. And if it is your entrepreneurial class is showing a
00:51declining numbers maybe because of crime maybe because of the poor state of the
00:55economy maybe because they are taking their money and running away with
00:58capital flight that's something that would affect the medium-term prospects
01:02for the economy and something like policy makers like the Minister of
01:06Labour must be looking closely at because it's it's a worrying trend it's
01:10a worrying trend in the sense that if the people who are employers and
01:14entrepreneurs are declining then where would your innovation come from where
01:19would your invention come from where would your capital injections come from.
01:24Professor Hosain wants the Labour Minister to come forward and speak to
01:28the country as it relates to these matters.
01:31And we are appealing to the Ministry of Labour
01:33this is about the 10th time I have come on on various programs and made an appeal to the
01:37Ministry of Labour let us do a detailed study in the Ministry of Labour you
01:42don't have to bring on a consultant to do that I'm sure there are technocrats at the
01:46Ministry of Labour that could look at these things and let us put the
01:50information on the public domain let us explain why own-account workers are
01:54rising and what are the perverse implications for the economy why it is
01:59the number of employers are falling.
02:02He again stressed that too much focus is being put
02:05into oil and gas and not enough priority is being placed on the non-energy export
02:11sector. Nicole M Romany TV6 News
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