The Aftermath of the 2008 Global Financial Crisis in the Eastern Caribbean : The Impact on the St Lucia Labor Market

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 her...

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Bibliographic Details
Main Authors:	Gimenez, Lea, St. Catherine, Edwin, Karver, Jonathan, Odawara, Rei
Format:	Economic & Sector Work
Language:	English en_US
Published:	World Bank Group, Washington, DC 2015
Subjects:	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
Online Access:	http://documents.worldbank.org/curated/en/2015/03/24141333/aftermath-2008-global-financial-crisis-eastern-caribbean-impact-st-lucia-labor-market http://hdl.handle.net/10986/21602

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Summary:	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.

The Aftermath of the 2008 Global Financial Crisis in the Eastern Caribbean : The Impact on the St Lucia Labor Market

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