We will face more economic drawbacks if labour market is not expanded- Inaz

Finance Minister, Ahmed Inaz has said that Maldives will face more economic drawbacks if the labour market is not expanded.

Speaking of the economic negatives that weigh on the labour market on a programme telecasted by MNBC One, Minister Inaz said that the growing number of unemployment in the country is one of the main problematic factors that are obstructing the economic recovery of Maldives.

“We will face many economic and social downsides if the youth unemployment rate keeps increasing. This is a big challenge. The number of youth who are finishing school are increasing. The economy will have drastic effects if these graduates remain unemployed,” the Minister said.

Explaing the interrelationship between manpower and economy, Minister Inaz said that productivity and the economy’s capacity to grow are one of the main keys for the recovery of the economy.

Meanwhile, the government recently revealed that despite a population of more than 250,000 people above the legal working age, the nation’s unemployment level has risen to a staggering 27 per cent. The government noted that over the course of the last 10 years, the country has seen a three-fold increase in foreign workers employed, which in turn has exerted great pressure on our resources.