One renowned economist believes there is a need for more sustainable jobs in order to ensure a healthy Trinidad and Tobago economy.
According to Professor Roger Hosein, these jobs can be created by, and in, both the public and private sectors.
He believes that short-term work programmes are used as political tools and have no true sustainability.
Speaking on CNC3's The Morning Brew show today, Professor Hosein said banks can do more to assist in job creation by increasing the number of business loans.
He used the E-Teck Park as an example of how a sustainable job creation programme could be facilitated.
“What we need to do is to create long-term, sustainable jobs,” he said. “That’s where we are not seeing enough traction and enough changes. That’s where I think the E-Teck Park and the private sector could play a greater role. That’s where the commercial banks could play a bigger role. What we see from commercial banks is an increase in loans for mortgages and for the purchasing of cars. The consequence, in my understanding of the data, is that there is a partial skewing in the size of the tradeable sector in relation to the non-tradeable sector.”
Professor Hosein says the creation of sustainable employment to meet the demands of the labour market is an issue this country must address.
He says a strong labour force can generate foreign exchange.
“It is clear that as the labour force participation rate falls, economic growth falls,” he explained. “If you have fewer people working and we are generating less output and the labour force participation rate is on the decline, it is very possible that overall economic activity could fall.”
“That’s why the Minister of Labour should be right at the forefront fighting for change and development,” he argues, “and pushing forward economic activity in this country … You hardly hear him.”
And the renowned economist believes the gender gap in the workforce can be attributed to women not returning to the work after the COVID-19 pandemic, as well as to some of them having migrated to work from home systems.
To increase the number of women entering the workforce, he recommends after school care programs for children.