The Caribbean Development Bank, CDB, has called on regional governments to tackle chronic youth unemployment through a multi-sectoral approach.
The CDB released a study today, at its 45th Annual General Meeting in St Kitts and Nevis, which shows that youth unemployment rates in the Caribbean — at an average 25% — are among the highest in the world.
The report also said that Caribbean youth unemployment rates have been above the world average since 1991.
The CDB estimates the cost of youth unemployment at almost USD $900-million in 2013.
The study shows that youth unemployment in Jamaica increased by almost 20% between 2004 and 2012.
The CDB has recommended, among other things, that regional governments, provide tax benefits to companies so they can employ more workers.
It’s also recommended that regional education systems focus more on technical and vocational subject areas.