Record Low Unemployment but Not Record Economic Growth

Jamaica’s record low unemployment isn’t translating into higher economic growth, because of the types of jobs being created.

That’s according to the IMF Mission Chief to Jamaica, Dr. Uma Ramakrishnan.

Last week, the Statistical Institute of Jamaica, STATIN, reported unemployment at 8.4-percent, the lowest in the country’s history.

But Dr. Ramakrishnan says many of the new jobs are in the Business Process Outsourcing, BPO, sector, which doesn’t add much value to the economy.

The IMF Mission Chief says the contribution of BPOs to the economy could be higher, if they provide higher value-added services.

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