WILLEMSTAD - In a recent Labor Force Survey (LFS) conducted from October 2022 to February 2023, Curaçao witnessed a remarkable turnaround in its unemployment rate. With 4,226 participants contributing to the survey, the Central Bureau of Statistics (CBS) released the findings in April 2023, revealing an unemployment rate of 13.1%. This significant decrease in unemployment demonstrates the strength and resilience of the country's economy, especially considering the challenges faced in 2020.
The CBS established a margin of error of 2.26% for the research, accounting for sampling and fieldwork irregularities. This margin ensures statistical accuracy and reflects a good measure of precision in the findings. For the year 2022, the unemployment rate falls within the range of 10.84% to 15.36%, highlighting the confidence and reliability of the data.
Notably, gender dynamics within the labor market present an intriguing pattern. While women exhibit a more prominent presence in terms of participation, they face lower participation rates compared to men. This suggests that the underlying causes of unemployment among women may run deeper, exacerbating the negative societal implications already associated with unemployment.
Examining unemployment from an age perspective, the survey reveals several trends. Youth unemployment remains persistently high, although there has been a significant improvement in 2022 due to job growth efforts. Among the age groups with the highest labor force participation, namely the 25-44 age group and the 45-64 age group, emigration emerges as a significant factor influencing the labor market situation. The declining number of job seekers can be attributed to individuals leaving Curaçao, which poses a possible risk to the overall labor potential of the country.
Another noteworthy observation is the increasing participation of individuals aged 65 and above in the labor market. However, this age group encounters challenges in finding suitable employment opportunities, indicating the need for targeted support and initiatives to harness their skills and experience.
The remarkable progress in reducing unemployment to pre-2019 levels within just one year is a testament to the resilience and determination of Curaçao's workforce. As the country moves forward, addressing the underlying factors affecting gender disparities and supporting all age groups in their pursuit of employment opportunities will be crucial for sustaining the positive trajectory and fostering inclusive economic growth.