The Aftermath of the 2008 Global Financial Crisis in the Eastern Caribbean : The Impact on the St Lucia Labor Market
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World Bank Group, Washington, DC
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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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ACCESS TO INSURANCE, ACCOUNTING, ACTIVE LABOUR, ACTIVE LABOUR MARKET, ACTIVE LABOUR MARKET PROGRAMS, ADULT WORKERS, ADVANCED ECONOMIES, ADVERSE IMPACT, AGE GROUP, AGE GROUPS, AGRICULTURAL SECTOR, AGRICULTURE, ASSET OWNERSHIP, BANKING SYSTEM, BANKS, BORROWING, BUSINESS DEVELOPMENT, CENTRAL BANK, COLLATERAL, COMPETITIVENESS, COMPUTER LITERACY, CREDIT CRUNCH, CURRENT POPULATION, CUSTOMER SERVICE, DEBT, DEBT BURDEN, DECISION MAKING, DELINQUENCY RATES, DEMOGRAPHIC TRENDS, DEVELOPMENT BANK, DEVELOPMENT CENTER, DIVERSIFICATION, EARNING, ECONOMIC ACTIVITY, ECONOMIC CONDITIONS, ECONOMIC CRISIS, ECONOMIC GROWTH, ECONOMIC OUTLOOK, ECONOMIC SECTORS, ECONOMIC SHOCKS, EDUCATION LEVEL, EDUCATIONAL ATTAINMENT, ELDERLY, EMPLOYEE, EMPLOYER, EMPLOYERS, EMPLOYMENT, EMPLOYMENT LEVEL, EMPLOYMENT OPPORTUNITIES, EMPLOYMENT PROGRAM, EMPLOYMENT PROSPECTS, EMPLOYMENT STATUS, EXPENDITURE, EXPENDITURES, EXPLOITATION, EXPORTS, FARMERS, FEMALE EMPLOYMENT, FINANCIAL CRISIS, FINANCIAL RESOURCES, FINANCIAL SERVICES, FISCAL DEFICITS, FISCAL POLICIES, FISCAL POLICY, FOCUS GROUP DISCUSSIONS, FOREIGN DIRECT INVESTMENT, FORMAL EDUCATION, GDP, GENDER, GOVERNMENT POLICIES, GOVERNMENT PROGRAMS, GOVERNMENT SECURITIES, GROSS DOMESTIC PRODUCT, HEAD OF HOUSEHOLD, HEALTH CARE, HIGHER EDUCATION LEVELS, HOUSEHOLD ASSETS, HOUSEHOLD CHARACTERISTICS, HOUSEHOLD LEVEL, HOUSEHOLD SIZE, HOUSEHOLD SURVEY, HOUSEHOLD WEALTH, HUMAN CAPITAL, INCOME, INCOME LEVELS, INEQUALITY, INFANT, INFLATION RATE, INSURANCE, INTERNATIONAL LABOR ORGANIZATION, INTERPERSONAL SKILLS, JOB CREATION, JOB MARKET, JOB OPPORTUNITIES, JOB PLACEMENT, JOB SEEKERS, JOBS, LABOR CODE, LABOR FORCE, LABOR FORCE SURVEY, LABOR MARKET, LABOR MARKET CHARACTERISTICS, LABOR MARKET INDICATORS, LABOR MARKET NEEDS, LABOR MARKET OUTCOMES, LABOR ORGANIZATION, LABORERS, LABOUR MARKET CONDITIONS, LENDING REQUIREMENTS, LEVEL OF ASSET, LEVEL OF EDUCATION, LEVELS OF EDUCATION, LIFE SKILLS, LIQUIDITY, LOAN, MACROECONOMIC CONDITIONS, MACROECONOMIC CONTEXT, MACROECONOMIC SHOCKS, MATERNITY LEAVE, NATIONAL AUTHORITIES, NATIONAL INCOME, NATIONAL LEVEL, NATIONAL UNEMPLOYMENT, NATIONAL UNEMPLOYMENT RATES, NATURAL DISASTERS, NOMINAL INCOME, NUMBER OF WORKERS, OCCUPATION, OLDER AGE GROUPS, PERSONAL DEVELOPMENT, PERSONAL EMPOWERMENT, POPULATION GROWTH, PRESS RELEASE, PRIMARY EDUCATION, PRIMARY SCHOOLING, PRIMARY SOURCE, PRIVATE CREDIT, PRIVATE SECTOR, PRIVATE SECTOR EMPLOYEES, PROGRESS, PUBLIC INFORMATION, PUBLIC INVESTMENT, PUBLIC SECTOR EMPLOYMENT, PUBLIC WELFARE, REAL ESTATE, REAL GDP, REAL WAGES, RECEIPTS, RECESSION, REMITTANCES, RESPECT, RETAIL TRADE, RETIREMENT, RURAL AREAS, SAFETY, SAFETY NET, SECONDARY EDUCATION, SECONDARY SCHOOLING, SELF-EMPLOYMENT, SERVICE SECTOR, SEVERANCE PAYMENTS, SHORT TERM EMPLOYMENT, SICK LEAVE, SINGLE MOTHERS, SKILL DEVELOPMENT, SKILLED WORKERS, SMALLER HOUSEHOLDS, SOCIAL PROGRAMS, SOCIAL SECURITY, SOCIAL SERVICES, TAX REDUCTIONS, TELEVISION, TERTIARY EDUCATION, TOTAL EMPLOYMENT, UNEMPLOYED, UNEMPLOYED PERSONS, UNEMPLOYMENT, UNEMPLOYMENT RATE, UNION, URBAN AREAS, VOCATIONAL TRAINING, VULNERABLE POPULATIONS, WAGE GROWTH, WORKER, WORKERS, WORKFORCE, WORKING POPULATION, YOUNG ADULTS, YOUNG WORKERS, YOUTH UNEMPLOYMENT