St. Lucia’s Prime Minister Phillip J. Pierre says he will use his chairmanship of the board of governors of the Barbados-based Caribbean Development Bank (CDB) to promote the social and economic empowerment of young people in the region.
Addressing the media launch of the 53rd CDB annual general meeting scheduled for June next year, Pierre said he was using the term “youth economy” to highlight the importance of young people in the future socio-economic development of the region and relatedly, access to adequate and affordable finance for development.
Pierre told the ceremony that approximately 17 percent of the region’s population comprises youth 15-24 years old and 25 percent between 10-24 years old.
“Given this large youth demographic, the potential contribution to social and economic development is significant. However, for this potential to be realized, optimal engagement of our youth in the economy is imperative.
“Unemployment and poor economic participation remain serious concerns among our youth. Unemployment rates for persons 15-24 years old in the region, generally range from 18 percent to 47 percent, and average youth unemployment is more than three times that of adult unemployment, 25 percent to eight percent respectively”.
Pierre said the situation is more severe for young women, compounded by the impact of the coronavirus (COVID-19) pandemic that not only killed and infected thousands of people in the region but also reduced employment.
“It is important that an environment is created for young people to be allowed the opportunity to engage in activities that they enjoy. Our education system must be adjusted to reduce the mismatch between the skills required for the workforce.
“Despite greater access to education and health care than in previous generations, our young males and females, across the region, are among those who disproportionately bear the burden of poverty, marginalization, and exclusion,” Pierre added.
He said at the same time, the region’s young people are the primary agents of change and a key to reform and rebuilding the region.
“They possess unmatched levels of innovation and creativity and in them, we can find the solutions to some of our development challenges and emerging opportunities. “
Pierre said his government is committed to investing in the island’s future through the creation of a youth economy which it believes will propel the sustainable development of St. Lucia.
CMC/
