labour market challenges in caribbean countries

Caribbean countries are facing major challenges associated with
the changing global environment within which they have to operate.
Trade liberalisation, improvements in information and
communications technology (ICT), the growing integration of financial
and commodity markets and new security concerns are changing the
economic landscape on a global scale. Small developing countries
such as those in the Caribbean have to make major adjustments to their
economic structure and processes in order to benefit from the global
economic changes and hence avoid economic marginalisation. Given
the inter-relationship between various markets, it is expected that
changes in the commodity and financial markets would have a
significant impact on the labour market. Furthermore, changes would
occur within the labour market in response to its own specific
dynamics. These changes (external and internal to the labour market)
bring important challenges for those agencies charged with making
labour market policies. For several persons in an economy, the labour
market provides the main source of income and hence its operation is
critical to enhancing the socio-economic welfare of the population.
Understanding the challenges facing the labour markets of the
Caribbean therefore becomes a key element in the design and
implementation of labour market policies and programs aimed at
improving socio-economic welfare.

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