Economic recovery forum

Chamber CEO Wil Pineau represented the Cayman Islands Chamber of Commerce at a regional symposium focused on economic and employment recovery in wake of the global economic crisis.

The symposium, hosted by the Caribbean Development Bank and the International Labour Organization, an agency of the United Nations, discussed the impact of the crisis on labour markets and examined policies and programmes to stimulate trade, investment and competitiveness while supporting employment growth and social protection measures.

The forum brought together ministers and senior officials of the Finance and Labour ministries from across the Caribbean, as well as representatives of employers’ and workers’ organisations, the UN, academia and international financial institutions, including the International Monetary Fund and the Inter-American Development Bank.

Held in January in Barbados, the forum was held at a time when most Caribbean countries are reeling from the effects of the global economic crisis. Overall gross domestic product for the region is estimated to have declined by 1.4 per cent in 2009.

“It is clear that many countries and territories in the region are struggling to address the effects of the global economic crisis on decent employment and job growth,” Mr. Pineau said. “The ILO and the CDB stressed the need for the region to adopt a decent work agenda as outlined in the Global Jobs Pact, which called for accelerating employment creation, jobs recovery and sustaining enterprises. The pact also called for building social protection systems and protecting people who are most vulnerable to the economic downturn and strengthening respect for international labour standards through social dialogue, identifying priorities and stimulating action.”

Minister for Education, Training and Employment Rolston Anglin attended on behalf of the Cayman Islands government, with Deputy Chief Officer Vaughn Carter and Acting Director of Department of Employment Relations Jennifer Smith.